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.

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.  

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.

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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. 
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