Monday, April 6, 2020

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.
Small Business Programs3.xlsx
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.

1 comment:

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