Paycheck Protection Program vs Economic Injury Disaster Loan (EIDL)
Updated: Apr 16, 2020
On March 29, 2020, following the passage of the CARES Act, the SBA provided small business owners and non-profits impacted by COVID-19 with the opportunity to obtain up to a $10,000 Advance on their Economic Injury Disaster Loan (EIDL).
The SBA's initial Interim Final Rule addressing the CARES Act's Paycheck Protection Program (“PPP”), released on April 2, 2020, to provided financial assistance for business owners and non-profits impacted by COVID-19.
You may be eligible for another loan program, the Paycheck Protection Program, which is available through participating lenders. Use the following link to find a nearby lender eligible to issue a loan under the Paycheck Protection Program (PPP): Find Eligible Lenders Link.
Below is a comparison of the two loan programs:
Source from: SBA Loan Paycheck Protection Program (https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp)