Take advantage of the SBA Loan Programs

You could qualify for the necessary funds to protect your business. We’re here to help you through the SBA loan program process.

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Current Loan Program Updates

As of April 15th, both types of small business relief loans, PPP and EIDL, are available to help you secure the necessary funds to cover eligible business expenses. That said, many lenders are holding off on processing these applications until they get additional guidance from the SBA. If you think you are eligible, you should still move forward with your application.  
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We’ll be updating this page frequently as new information is released.

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  1. PPP vs. EIDL loans: what you need to know »
  2. Which program to choose? »
  3. Begin preparing your documentation »

PPP vs. EIDL loans: what you need to know

There is the Payroll Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL). Small businesses can apply to both programs, but cannot receive funding under both.

SBA Payroll Protection Program (“PPP”)

Terms

  • Max Loan Amount: 2.5x the Average Monthly Payroll*, up to $10M in total.
  • Interest Rate: 1%.
  • Loan Term: 2 years.
  • Payment: deferred for the first six months.

Eligibility

  • Any small business with less than 500 employees.
  • Must be in business prior to March 1, 2020
  • Certify that economic uncertainty related to the COVID-19 pandemic has necessitated the need for a loan for continual business operation

SBA Economic Injury Disaster Loan (“EIDL”)

Terms

  • Max Loan Amount: the amount of economic injury suffered by the business, up to $2M in total.
  • Interest Rate: 3.75%.
  • Loan Term: varies on a case by case basis, up to 30 years. 
  • Businesses may get a $10k cash advance on the SBA Economic Injury Disaster Loan (SBA EIDL) in as little as 3 days after you submit the application.

Eligibility

  • Business must employ 500 people or less
  • Business must have suffered economic injuries due to COVID-19

Loan Forgiveness

The PPP loan can be 100% forgiven if certain criteria is met including no headcount reduction or pay cut larger than 25%.

Only the $10k cash grant from EIDL is forgivable.

For additional forgiveness details and more:

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*payroll calculation requires any salary over $100k to be prorated

Which program to choose?

To make the best decision, small businesses should consult their financial advisors and accountants. Some additional criteria we have found helpful to consider include:

Begin preparing your documentation

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*Information listed on this site may be subject to change. Please also consult your financial advisor and accountant for more information and financial advice. 
**Our site contains hyperlinks to other third party websites. These links are being provided as a convenience and for informational purposes only; they do not constitute an endorsement or an approval by Hearth of any of the products, services or opinions of the corporation or organization or individual. Hearth bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The third party’s privacy policy may differ from those practiced by Hearth.

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Hearth is a technology company, which is licensed as a broker as may be required by state law. Hearth does not accept applications for credit, does not make loans, and does not make credit decisions; this site does not constitute an offer or solicitation to lend. All insurance services are provided by Hearth Home Insurance Solutions, Inc. Hearth may be compensated by third-party advertisers. NMLS ID# 1628533 | NMLS Consumer Access.

All loan information is presented without warranty, and estimated APR and other terms are not binding. Hearth’s lending partners generally present a range of APRs (for instance, from 5% to 35.99%) with a range of terms and monthly payments. As an example, a $10,000 loan with an APR of 14.50% and a term of 36 months would have a monthly payment of $344.21. Actual APRs will depend on factors like credit score, loan amount, loan term, and credit history. Only borrowers with excellent credit will qualify for the lowest APRs. All loans are subject to credit review and approval.

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