Loan Program Lender
Economic Injury Disaster Loan (EIDL) Small Business Administration (SBA)
Program Period
through December 31, 2020
Eligibility
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Loan Amount
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The maximum loan size is $2 million.
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Applicants who apply for this loan may request an advance Emergency EIDL grant of up to $10,000 from the SBA.
Have 500 or fewer employees, Are a sole proprietor, independent contractor, or self-employed individual. AND • Been in business since January 31, 2020.
Paycheck Protection Program Loan (PPPL) Financial institutions (commercial banks, credit unions, and other approved lenders) through June 30, 2020 (Covers 8-weeks of eligible expenses after loan origination.) • Have 500 or fewer employees, • Are a sole proprietor, independent contractor, or selfemployed individual, • A small business that meets the SBA small business industry-specific standards, • Operate an accommodation or food service business (NAICS Code 72) with 500 of fewer employees per location, • A business assigned a franchise operator code by SBA, • A business that receives assistance under the Small Business Investment Act. AND • Been in business since February 15, 2020 and paid taxes on your employees or independent contractors. • 2.5x the average monthly “payroll” costs, measured over the 12 months preceding the loan origination date. Seasonal business may use the period February 15, 2019 – June 30, 2019 or March 1, 2019 – June 30, 2019 to calculate the average payroll. •
The maximum loan size is $10 million.
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“Payroll” includes: o Salaries, commissions, tips,