Comparison of COVID-19 Financial Assistance Programs

ProgramPaycheck
Protection
Program

(U.S. SBA)
Economic Injury
Disaster Loan
and
Loan Advance

(U.S. SBA)
SBA Express
Bridge Loan

(U.S. SBA)
SBA
Debt
Relief

(U.S.
SBA)
Type Loan Loan +
Grant
Loan Loan
Forgiveness
Use
Requirements
Employee
compensation,
including:
salaries, wages,
commissions,
or similar
compensation;
cash tips or
equivalents;
vacation, parental,
family, medical, or
sick leave;
payment required
for providing
group health care
benefits (including
insurance premiums);
payment of
retirement benefits;
and payroll taxes.

Any compensation
or income of
a sole proprietor
or independent
contractor no greater
than $100,000
in one year

Payment of
interest on
mortgage obligations,
rent, utilities,
and interest
on pre-existing
debt obligations
Any allowable
purpose
under the
EIDL program

Provide paid sick
leave,
maintain
payroll,
and meet
increased
costs

Make rent
or mortgage
payments, and
repaying unmet
obligations.
Working capital
to be used
to cover operational
expenses to
support
the survival,
or the reopening
of the business.
The SBA will automatically
pay the
principal,
interest, and
fees of current
7(a), 504, and
microloans for
a period of
six months.

The SBA will also
automatically
pay the
principal, interest,
and fees of
new 7(a), 504,
and microloans
issued prior to
September 27, 2020.
Amount 250% of
employer's
average
monthly payroll,
calculated
between 2/15/19
and 6/30/19,
up to
$10,000,000

In other words,
2.5 times your payroll
Working capital
loans of
up to $2M,
$10K grant advance
on loan
Up to
$25,000
 
Interest
Rate
1.00% 3.75% for
small
businesses

2.75% for
non-profits
   
Terms
and
Amortization
Max. 10 years
for amounts
not forgiven
Max. 30 years    
Collateral N/A Yes for loans
over $25,000
   
Deferral/
Forgiveness
Forgives up to
8 weeks of expenses,
if retain
employees

Deferral of payments
for 6-12 months
12 months
deferral of
payments
None - must
be repaid
in full or
in part by
the EIDL loan
 
Businesses
Included
Any business concern,
nonprofit organization,
veteran's organization, or
Tribal business
concern
that employs
no more than
500 employees
(or the size
standard in
number of
employees established
by the Administration
for the industry
in which such
business operates)

Sole
proprietors

Independent
Contractors

Self-employed
individuals
Private nonprofit
organizations, small
agricultural
cooperatives

Businesses;
cooperatives;
ESOPs; and
tribal business
concerns with
500 or fewer
employees

Independent
Contractors

Sole proprietors
(whether or not
self-employed)
   
Max
Employees
Under 500 employees Under 500 employees    
How can
I apply?
Paycheck Protection
Program
Economic Injury
Disaster Loan
and Loan Advance
SBA Express
Bridge Loan
SBA Debt
Relief