Economic Injury Disaster Loans (EIDL) Program
vs
Paycheck Protection Program (PPP)

Easy to understand chart helps you pick the loan that's right for your business to succeed during these unprecedented time.

EIDL PPP
Max Amount Up to $2,000,000 Up to $10,000,000
Criteria Businesses of < 500 employees.
Includes sole proprietorships and independent contractors.
Businesses of < 500 employees.
Includes sole proprietorships and independent contractors.
Interest Rate 3.75% for for-profits
2.75% for non-profits
1.0%
Max Duration Up to 30 years 2 years
Prepayment Penalty No No
Collateralized? Yes No
Guaranty? Yes
For owners of > 20% of the business, managing members of LLCs, managing partners of LPs.
No
Interest deferral 12 months 6 months Min / 12 months Maximum
When can I apply? Now Soon
What can I use the loan for? Operating expenses, such as payroll, accounts payable to suppliers and vendors, and also other bills that can’t be paid because of the disaster’s impact. Payroll costs, group healthcare benefits, insurance premiums, and interest (but not principal) on mortgages or other debt incurred prior to February 15, 2020, rent on any lease in force prior to February 15, 2020 and utility payments.