SCORE: SBA Relief Overview

SCORE: SBA Relief Overview

SCORE is dedicated to bringing you the most up-to-date and accurate information on relief programs that are available to small businesses. Below is an overview of two programs from the Small Business Administration: the Economic Injury Disaster Loan and Loan Advance and the Paycheck Protection Program.
Economic Injury Disaster Loan (EIDL) and Loan Advance
The EIDL program provides small businesses with working capital loans of up to $2 million.   Business can also apply for up to $10,000 in an EIDL loan advance. This advance will be determined by the number of the small business’ pre-disaster employees. The advance will provide $1,000 per employee up to a maximum of $10,000.   The advance is a part of the full EIDL application and will be transferred into the account the applicant provides shortly after they submit the application.   Businesses can find out more and apply for an EIDL at the SBA website.
Paycheck Protection Program (PPP)
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.   SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.   The PPP is available through participating lenders.   To find out more about the PPP, visit the SBA website.To find a participating lender, click here.
EIDL and PPP Comparison Overview