Paycheck Protection Program & Economic Injury Disaster Loan program funding

With additional appropriations now allocated for the Paycheck Protection Program (PPP), the SBA will resume accepting PPP applications from participating lenders today (Mon 4/27) at 10:30am EDT.

PPP extends loans at a fixed 1% interest rate and maturity of two years with six-month deferral to help small businesses and non-profit organizations to keep their workers on the payroll. Loan amounts are calculated as up to eight weeks of average monthly payroll (based on 2019 figures) including benefits, plus an additional 25% of that amount used for rent, mortgage interest, or utility payments made before February 15, 2020, up to a maximum of $10 million. Applications for the loan are processed through SBA 7(a) lenders.

Click on the PPP application and go to the list of participating lenders to find a lender near you. You can also click here to calculate your maximum loan amount.

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With additional funding provided by the new COVID-19 relief package, SBA will resume processing Economic Injury Disaster Loan (EIDL) Loan and Advance applications that are already in the queue on a first come, first-served basis. The Pace SBDC will forward along further information from the SBA on the availability of the EIDL portal receiving new applications as soon as we receive it.

The EIDL Program offers loans of up to $2 million directly from the SBA to enable small businesses and private non-profit organizations to pay fixed debts, payroll, accounts payable and other bills. The interest rate is 3.75% for small businesses and 2.75% for non-profits, with a maximum term of 30 years. The program also offers an advance of up to $10,000 to each applicant that successfully submits an EIDL application, based on a $1,000-per-employee formula.

You may be asked by an SBA loan officer to submit additional financial information - check the Pace SBDC website for links to relevant financial documents. You can also refer to the SBA process summary or contact the SBA directly at disastercustomerservice@sba.gov or (800)-659‐2955.