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ECONOMIC INJURY DISASTER LOAN (EIDL)

  • 500 or fewer employees, including non‐profits
  • Suffered substantial economic injury – Up to $2M based on SBA determination of extent of injury
  • Used for payroll, rent, mortgage, other operational costs ‐ Six month of operational costs
  • NO DOUBLE DIPPING: Cannot use funds for qualified sick and family leave wages if you’re taking a tax credit for those costs
  • NO loan forgiveness, unless refinanced under PPP
  • If you already have an EIDL loan (between January 31, 2020, and April 3, 2020), you can still apply for a PPP loan but must be used for different expenses. Can also refinance EIDL loan into a PPP loan but note that if you do get a PPP loan, the $10,000 grant will be subtracted from the PPP forgiveness amount
  • The interest rate is 3.75 percent for small businesses​ ​
  • The interest rate for private, non-profit organizations is 2.75 percent

EIDL Summary Update: 4-20-20

The U.S. Small Business Administration (SBA) is offering low-interest federal Emergency Impact Disaster Loans (EIDL) to small businesses and nonprofits for working capital who are suffering substantial economic injury as a result of the Coronavirus (COVID-19) in Marion, Polk and Yamhill Counties and statewide.

These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. Disaster loans can provide vital economic assistance to small businesses to help overcome the temporary loss of revenue they are experiencing. SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years and are available to entities without the financial ability to offset the adverse impact without hardship

SBA Express Bridge Loan

  • Requires existing relationship with SBA lender
  • Up to $25,000 to bridge gap while applying for EIDL or PPP
  • Can be paid with EIDL funds or refinanced into PPP Loan
  • Available through March 13, 2021

SBA Debt Relief

  • The SBA will automatically pay the principal, interest, and fees of current 7(a), 504, and microloans for a period of six months.
  • The SBA will also automatically pay the principal, interest, and fees of new 7(a), 504, and microloans issued prior to September 27, 2020.
  • For existing disaster loans disaster in “regular servicing” status on March 1, 2020, the SBA is providing automatic deferments through December 31, 2020.

Government loan stipulations

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If you participate in
Paycheck Protection Program
EFML and EPSL Credits
Employee Retention Tax Credit
Deferral of SS Tax Payment
Paycheck Protection Program
You are participating in this
but must exclude FFCR Credits
Employee Retention Tax Credit
but must exclude FFCR Credits
You are participating in this
Deferral of SS Tax Payment
You are participating in this
EFML and EPSL Credits
but must exclude FFCR Credits
You are participating in this
but must exclude FFCR Credits

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