Part 1 of 3 - Federal and State Emergency Small Business Programs

The chart below compares grant and loan programs available at the federal level.  Please contact us with any questions.  This information is current as of 4/4/2020.

Program/ Benefit	SBA Grant	SBA EIDL Loan	SBA PPP Loan
Type	Grant	Loan	Forgivable Loan
Purpose	Quick relief for businesses affected by Coronavirus	Inexpensive financing opportunity for business affected by Coronavirus	Employer relief for keeping employees on payroll
Amount	$10,000	Up to $2 million	2.5 times average monthly payroll costs, up to $10 million ($100,000 wage limit)
Eligibility/ Eligible Expenses	Payroll, COGS, Rent, Mortgage	Same as SBA Grants and more	Payroll, rent, utilities, mortgage interest
Applicable Dates	1/31/2020 - 12/31/2020	1/31/2020 - 12/31/2020	2/15/2020 - 6/30/2020
Restrictions	Reduces any EIDL or PPP loan forgiveness	Cannot use for the same purpose as the PPP loan (same expenses)	Cannot claim payroll expenses that received credit under other programs
Other Info	Emergency advance, funded within 3 days and need not be repaid (see restrictions).	12 month payment deferral, up to 30 year term at 3.75% rate (2.75% for NFP). No personal guarantee for loans under $200,000; May refinance to PPP loan; approval based on credit score	6 month payment deferral, up to 2 year term at 1% rate. Non- taxable forgiveness if used for specified purposes. 75% or more must be used for payroll costs. Forgiveness reduction if certain employee counts are not maintained.
Eligible Businesses	All businesses including rentals and private NFPs; Must have been in operation on 1/31/2020	All businesses including rentals and private NFPs; Must have been in operation on 1/31/2020	All small businesses, including 501(c)(3) NFPs; Must have been in operation on 2/15/2020
Employee limits	500	500	500
Self Employed?	Yes	Yes	Yes
How to Apply	https://covid19relief.sba.gov/#/	https://covid19relief.sba.gov/#/	SBA Lender
Comments	Apply in conjunction with Loan application. MUST check box on loan application indicating interest in grant.	Quick, easy to complete application. Not required to accept loan even if offered.