Resources & Quick Links
|Paycheck Protection Program||Economic Injury Disaster Loan|
|Amount||2.5X average monthly payroll
(up to $10 million)
|Up to $2 million
EIDL applicants may also request an emergency grant directly from SBA of up to $10,000. Such advances are considered grants rather than loans and are not subject to repayment, even if the EIDL is later denied.
|Interest||Fixed 4% APR||3.75% APR|
|Payment Terms||10-year term
No payments for 6-12 months
|Up to 30 years|
|Loan Forgiveness||Up to 100% with approval||Up to $10,000 if any emergency grant is approved.
0% of remainder
|Who to Contact||You can apply for the Paycheck Protection
Program (PPP) at any lending institution that is approved to participate in the program through the existing U.S. Small Business Administration (SBA) 7(a) lending program and additional lenders approved by the Department of Treasury.
You can call your bank or find SBA-approved lenders in your area through SBA’s online Lender Match tool.
|Directly through the SBA via online portal here.|
Source: U.S. Senate Committee on Small Business & Entrepreneurship.