CARES - Update 4.3.2020 Copy of CARES Act_Loan Comparison (3)

UNDERSTANDING THE Small Business Loans AVAILABLE THROUGH THE CARES ACT EIDLs PPP LOANS Economic Injury Disaster Loans Paycheck Protection Program $10B Available $349B Available ABOUT EIDLs are administered and approved by the U.S. Small Business Administration (SBA). PPP loans are backed by the SBA through local lenders. ELIGIBILITY Small businesses (<500 employees) Sole-proprieters Independent contractors 501(c)6 organizations & more! FINANCING Maximum Granted: $2M Interest: 3.75% (2.75% for non-profits) Duration: Up to 30 years Defer for 6 mo. KEEP IN MIND EIDLs offer a bridge loan program of $10,000 to cover immediate costs & is forgivable if certain criteria is met. APPLY WHEN Maximum Granted: Lesser between 2.5X Payroll or $10M Interest: 1% Duration: 2 years Deferment options available HOW Small businesses and non-profits (<500 employees) Sole proprietors Self-employed & freelance workers No personal or collateral guarantee is required. Forgiveness granted if funds are used on operating expenses within 8 weeks of receiving. Apply at www.sba.gov/disaster HOW Apply with an SBA-approved lending institution. Available now! WHEN Available now! See local lender for details. PRO TIPS 1. Both loans can be applied for (and granted) if funds cover different expenses. 2. For fastest approval, be prepared to specify your economic loss due to COVID-19. 3. Be aware of fraudulent schemes and only discuss finances with a trusted professional. Your Chamber team is working hard to keep you updated on the latest news regarding COVID- 19 and the resources that are available to your business or organization. We know this is a challenging time and we’re here to walk through it with you. If we can help answer any questions for you, please connect with us via our website www.lakelandchamber.com, email [email protected], or call us at [phone].