Program | Paycheck 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) |
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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 |
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Interest Rate |
1.00% | 3.75% for small businesses 2.75% for non-profits |
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Terms and Amortization |
Max. 10 years for amounts not forgiven |
Max. 30 years | ||
Collateral | N/A | Yes for loans over $25,000 |
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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) |
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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 |