In this article, we will be going over a few of the differences in EIDL & PPP loans. If you need any help to apply or have any questions you are invited to my bi-weekly webinars. Click here for more info.
PPP –
To calculate how much you can apply for the PPP program x2.5 monthly payroll costs from your 2019 total payroll expenses (excluding 1099s)
EIDL-
Looking at your 2019 YTD P&L: [Total COGS + total operating expenses + monthly principle interest + debt payments] – the amount you applied for PPP x 6 months (equivalent working capital)
PPP –
Your payroll and the continuation of group healthcare benefits during periods of paid, sick, medical, or family leave. It can be used for anything related to payroll insurance premiums, employees’ salaries, commissions, or similar compensations for the next 8 weeks once you received the fund.
EIDL-
You can apply your EIDL money to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. EIDLs are not meant for business expansion.
PPP –
For the paycheck protection program, you can get up to $10 Million, depending on your payroll expenses for 2019.
EIDL-
For the EIDL program, you can get up to $2 Million, depending on your sales and business expenses in 2019.
V
PPP –
1% APR, 2-year fixed note, with no loan fee and prepayment penalty.
EIDL-
3.75% Annual Percentage Rate, 30-year term,with no loan fee and prepayment penalty.
PPP –
Up 100% approval for the first 2 months of approved payroll costs, if a minimum 75% of the fund is used on the payroll
EIDL-
0% Eligible for Loan Forgiveness, other than the advance money
PPP –
No payments for the first 6 months
EIDL-
No payments for the first 11 months
For PPP, You can apply through any existing SBA 7(a) lenders You should consult with your local lender as to whether it is participating. All loans will have the same terms regardless of the lender or borrower. A list of participating lenders, as well as additional information and full terms, can be found at www.sba.gov.
For EIDL, apply directly through SBA online portal, once it’s open again. To keep to update, go to https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources
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