• Apply for The Payment Protection Program and EIDL Loan

     
     
    Use links below to apply:
     
     
    Economic Injury Disaster Loan (EIDL)
     
    Paycheck Protection Program (PPP)
     
     
     
     
     
     
     
    The SBA has provided small business owners and non-profits impacted by COVID-19 with the opportunity to obtain up to a $10,000 Advance on their Economic Injury Disaster Loan (EIDL). The Advance is available as part of the full EIDL application and will be transferred into the account you provide shortly after your application is submitted. To ensure that the greatest number of applicants can receive assistance during this challenging time, the amount of your Advance will be determined by the number of your pre-disaster (i.e., as of January 31, 2020) employees. The Advance will provide $1,000 per employee up to a maximum of $10,000.
     
    You may be eligible for another loan program, the Paycheck Protection Program, which is available through participating lenders. Below is a comparison of the two loan programs:
     
     
    PAYCHECK PROTECTION PROGRAM
    PURPOSE: Forgivable if used for payroll (minimum of 75% of the funds received) and the remaining for certain operating expenses (amount of any EIDL advance is not forgivable)
    TERMS: Up to $10 million, 1% interest rate
    FORGIVABLE: YES
    MATURITY: 2 years
    FIRST PAYMENT DUE: Deferred 6 months
     
    FULL EIDL LOAN
    PURPOSE: To meet financial obligations and operating expenses that could have been met had the disaster not occurred (amount of any EIDL advance is forgiven)
    TERMS: Up to $2 million, 3.75% for businesses, 2.75% for non-profits
    FORGIVABLE: NO – EIDL Loan, YES – EIDL Advance
    MATURITY: 30 years
    FIRST PAYMENT DUE: Deferred 1 year
     
     
     
     
     
     
    Need help locating a Paycheck Protection Program lender? Click here.