The U.S. SBA offers the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan and Advance (EIDL and EIDL Advance).
More about Paycheck Protection Program (PPP):
The SBA has resumed accepting PPP loan applications from approved lenders. The PPP is a loan program for small businesses, self-employed, independent contractors, nonprofits with a maximum of 500 employees, and it is intended to keep workers paid and employed. The loan amount is calculated based on payroll expenses with a maximum amount of $10 million at a rate of 1% for up to 2 years. The loan is forgivable if 75% of the loan amount is used for payroll, and no employees are laid off, or if laid-off employees are rehired before June 30, 2020. In addition to payroll costs, allowable expenses include mortgage interest, rent, and utilities. Submit your application as soon as possible, even if you need to rehire employees that have been laid off. Check the Fact Sheet and Frequently Asked Questions, and see SBA.gov for more details. You must apply directly through a lender. Find a PPP lender in your area to contact right away.
More about Economic Injury Disaster Loan and Advance (EIDL and EIDL Advance):
As of May 4, the U.S. SBA is accepting new applications from agricultural businesses only, and will continue to process EIDL Loan and Advance applications already submitted on a first come, first-served basis from all businesses. Check the U.S. SBA’s Disaster Loan Applications website for more information.
The EIDL is a direct loan for up to $2 million at a rate of 3.75% for small businesses and 2.75% for nonprofits. Applicants can get an Advance of up to $10,000 upon request within days of a successful application. This advance doesn’t have to be repaid. Apply directly with the SBA. For questions, you can contact SBA’s Customer Service Line at 1-800-659-2955 / 1-800-877-8339 (TTY), or send an email to [email protected]