Small Business Loan Options
Mar 30, 2020
AOG Wealth Management
Small Business Loan Options
There are two SBA options that might be helpful to small businesses.
The Economic Injury Disaster Loan (EIDL) is offered through the U.S. Small Business Administration (SBA). These are low-interest, federal disaster loans for working capital to small businesses. The Paycheck Protection Program (PPP), is part of the new stimulus program known as the CARES ACT. It will be available for a business with 500 employees or less in need of payroll assistance as a result of COVID-19.
While we wait for guidance from the SBA on how the details of these two programs will work, we are including a comparison chart forwarded by one of our banks to illustrate each program's highlights as we know them today.
This information is accurate and updated as of 3.26.2020. Terms and conditions are subject to change.
It's important to note the following:
It's critical for you to weigh all options available to you to ensure the best financial decision for your business.
If you choose to apply for the Economic Injury Disaster Loan, you must do so directly on the SBA website https://www.sba.gov/funding-programs/disaster-assistance
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