Stimulus Funding Programs
The government has 3 loan programs to help businesses get fast funds to survive during the crisis & thrive through the recovery.
Get up to $10 million dollars in forgivable funding if you are a business with 500 or less employees. Get a second PPP loan up to $2 million dollars for businesses that used up their first PPP loan and have experienced a 25% or greater decrease in revenue.
Get up to $2 million dollars of low interest rate loans payable over 30 years if you are a business with 500 or less employees.
Get up to $300 million of low interest rate loans to be paid in 5 years if you are a business with less than 15,000 employees or $5 billion in revenue or less.
Funding Programs Comparison
 PPP |
 EIDL |
 MSLP | |
| Eligibility | 500 or less employees In business Feb. 15, 2020 | 500 or less employees In business Feb. 15, 2020 | 15,000 or less employees $5B revenue or less |
| Loan Amount | Lesser of $10 million or 2.5 times average monthly payroll. Lesser of $2 million or 2.5 times average monthly payroll for 2nd round PPP loan. | Up to $2 million | Up to $50M – $300M |
| Term | 5 years | Up to 30 years | 5 years |
| Interest Rate | 1% | 3.75% | LIBOR + 3% |
| Deferral | 6 months (interest accrues) | 1 year (interest accrues) | 2 years (interest accrues) |
| Prepay Allowed? | Yes | Yes | Yes |
| Can Be Used For | Payroll, benefits, mortgage interest, rent, utilities, other debt | Payroll, benefits, accounts, payable, other expenses | Reasonable efforts to maintain payroll and retain workers |
| Refinance Debt? | Yes for EIDL | No | No |
| Collateral Required? | No | For loans over $25,000 | No for new loans, existing collateral remains same |
| Forgiveness | Yes, if 60% spent on payroll costs | Yes, for $10,000 advance | No |
| Guarantee Required | None | No for loans under $200K | Good financial standing |
| Apply | FDIC Bank | SBA.gov | FDIC Bank |
| Pros | Easy application Loan forgiveness No risk for bank to approve | 30 years at low interest Easy application | No collateral Low interest Low risk for bank to approve |
| Cons | Not forgiven if don’t use 60% for payroll or reduce headcount | Over $200K may require collateral No forgiveness | No forgiveness Collateral of existing loan |
View state-funded stimulus programs here.
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