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. |
