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What is CARES Act for business? Learn about Disaster loan and PPP loan.

Economic Injury Disaster Loan (EIDL)

Economic Injury Disaster Loan (EIDL) Advance

Economic Injury Disaster Loan (EIDL) Advance

- A long-term direct loan program from the SBA.

- Apply directly on sba.gov

- 3.75% APR for business in 30 years.

- 1st payment deferred 1 year.

- Retain receipts and contracts for all loan funds spent for 3 years.

Economic Injury Disaster Loan (EIDL) Advance

Economic Injury Disaster Loan (EIDL) Advance

Economic Injury Disaster Loan (EIDL) Advance

- Eligible applicants for an EIDL can receive a maximum $10,000 emergency grant as long as the funds is availble.

- Donot have to repay the grant.  However, the $10,000 grant will be subtracted from the PPP loan forgiveness amount.

Paycheck Protection Program (PPP)

Economic Injury Disaster Loan (EIDL) Advance

Who is qualified for EIDL and PPP?

- To support small businesses to keep workers on the payroll.

- Apply directly through your business bank (your lender).

- 1% APR in 2 years or 5 years

- Forgiven if all employee retention criteria are met and funds used for eligible expenses.

- Retain payroll records and receipts for 3 years. 

- Payments are deferred 10 months after the end of the covered period for the borrower's loan forgiveness (either 8 weeks or 24 weeks)

Who is qualified for EIDL and PPP?

Who is qualified for EIDL and PPP?

Who is qualified for EIDL and PPP?

-Sole proprietorship, independent contractor

-Non-profit

-Partnership, S corporation, C-corporation not more than 300 employees.

-Business started before January 31, 2020.

-Landlord, Real Estate, Rental Properties, Lost Rents

-And Others

Q & A directly to SBA

Who is qualified for EIDL and PPP?

Q & A directly to SBA

- More update information and questions please go directly to sba.gov

Find out more

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All information on this website is for general information only. There is no implied, legal, tax advice or financial guidance for any personal or business situation. Don't hesitate to get in touch with a Tax Professional and Insurance Agent for your specific situation.

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