SBA EIDL & PPP Loan Rates and Terms
(4-11-20)
SBA $10,000 Cash Advance Grant (does not have to be repaid)
- Collateral not required
SBA Express Bridge Loan – Maximum of $25,000
- Express Bridge Loan is a term loan (maximum term of 7 yrs)
- Rate: Up to 6.5 % over prime rate
- Adverse COVID -19 Business impact
- Collateral not required
EIDL Maximum Loan: 2 million
- Loan
Rate: 3.75% for businesses
- 2.75% for nonprofits
- Government- backed loan (backed by SBA)
- Loan will come from a bank – application thru SBA
- All businesses eligible due to COVID-19
- Loans can cover most business expenses including payroll.
- Disaster Loan decision should average 21 days
- Once loan documents signed, proceeds are deposited by ACH within three to five days
- Up to 30-year term
- Under 500 employees (including 501 C 3)
- Payments can be deferred for up to one year from receipt of the loan (This loan must be repaid)
- To check on the status of your EIDL you can email the SBA at: DisasterCustomerService@sba.gov
Paycheck Protection Program (PPP)
- The Paycheck Protection Loans can be for 2.5 months of average payroll or $10 million — whichever is less.
- All or most of loan may be forgiven.
- Fixed Rate of 1%
