EIDL vs. PPP

Home Business Help EIDL vs. PPP

EIDL vs. PPP

By Elizabeth Miller | Business Help, COVID-19 Updates | Comments are Closed | 29 March, 2020 | 0

Following the declaration of a national emergency to combat the Coronavirus (COVID-19) pandemic, the Small Business Administration (SBA) launched the Economic Injury Disaster Loan Assistance (EIDL) program for small business owners in all US states, Washington D.C., and other US territories.
EIDL loans are now available.

On March 27^th, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a stimulus bill that includes a loan program to keep small businesses alive during mandated COVID-19-related closures. The CARES Act includes a Paycheck Protection Program (PPP) which releases up to $349 billion of federally guaranteed loans to qualifying small businesses. This new loan program is based on the framework of the SBA’s existing 7(a) loan program and will make forgivable loans of up to $10 million available to qualifying small businesses.

The table below compares the terms of the EIDL and PPP loans:

CARES Act, COVID-19 Business Relief, Economic Injury Disaster Loan, EIDL versus PPP, Loan Q&A, Paycheck Protection Program, SBA 7(a) Loan Program, Small Business Owner

Elizabeth Miller

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