COVID-19 Loan Options

S.B.A. EIDL

Economic Injury Disaster Loan

 

  • Existing S.B.A. program

  • Apply directly with the S.B.A.

  • Let SBA Loan Aid process for you

  • Loan size is six months of operating expenses

  • Loan up to $2.0M

  • 3.75% percent interest rate (2.75% for non-profit)

  • Application deadline Dec 21, 2020

  • Emergency Advances have been halted

  • Collateral may be required if loan is > $25K

  • Cannot be utilized to pay off earlier loans.

  • Up to 30-year term

  • Payments deferred for one year.

  • No prepayment penalties.

Click here for more EIDL info

SBA (7a) PPP

Paycheck Protection Program

 

  • New program through CARES Act.

  • Apply only through your bank lender

          with pre-existing bank/loan relationship.

  • Loan size is capped at monthly payroll x 2.5

  • Loan up to $10M

  • 1.0% percent interest rate

  • Application deadline was Aug 8th, 2020

 

  • Loan is eligible to be forgiven

   if 60%+ funds are used for retention of employees.

  • Loan size determined by previous year's

         payroll documentation.

  • If any remaining principle, 2-year term.

  • Payments deferred for six months.

  • No prepayment penalties.

Click here for more PPP info

Documentation required for either PPP or EIDL

(best if included with the original application):

 

 

 

IRS Employee Retention Credit

IRS Form 7200

Applicable in conjunction with an EIDL Loan; but not with the PPP.

Click here for more Employee Credit info

  • Tax ID (TIN)

  • Most recent tax return(s)

  • 2019 income statement

  • 2019 payroll summary

  • 2020 pro-forma

© 2020 by SBA Loan Aid Financial Services. 

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415.850.8370      contact@sbaloanaid.com

San Francisco, CA

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