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Small Business Help – EIDL and PPP

April 8, 2020 By Stephen Reh MBA CFA® CFP®

There are two programs for small business owners, the EIDL loan/grant and the PPP (payment protection plan) loan. Both offer assistance for small businesses. Information is coming out rapidly and the details do seem to be changing slightly as it comes out.

EIDL – Economic Injury Disaster Loan

This loan is taken out directly from the SBA and this is one of the better summaries I have found:

https://www.investopedia.com/how-to-apply-for-an-economic-injury-disaster-loan-eidl-and-loan-advance-4802134

You can also apply for it here:

https://covid19relief.sba.gov/#/

EIDL mainly required businesses to have less than 500 employee and the corona virus has qualified the location for all 50 states. In addition to employer (corporations) it also includes:

  • Sole Proprietors
  • Independent Contractors
  • and Self Employed people

Approval conditions:

  • Borrow up to $200k without personal guarantee
  • 1st year tax return not required, can borrow based on credit score
  • Do not have to prove you cannot get loans elsewhere
  • $25k or less loans require no collateral
  • Must allow SBA to review tax records

The biggest benefit was the $10k advance that would be a grant and should arrive within days of filling out application. Unfortunately, at this time, it appears that the SBA has been overwhelmed and they are running slow getting them out.

Further, I have found there appears to be some changes coming about based on this story of limiting the 10k to 1k per employee with 10k as the max.
https://www.inc.com/kevin-j-ryan/small-business-loans-eidl-advance-limitations.html

PPP Loans – Paycheck Protection Program

Here is the Fact Sheet from the US Treasury covering the PPP Loans

https://home.treasury.gov/system/files/136/PPP–Fact-Sheet.pdf

Highlights, 1% fixed rate loans for small businesses. All Loan terms are the same for everyone.

Loan amounts can be forgiven for:

  • The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8 week period after the loan is made; and
  • Employee and compensation levels are maintained.
  • Payroll capped at $100k for each employee.

The funds are run through SBA Lenders (your typical banks and credit unions usually). The tricky part is that it appears the banks are only helping their current customers.

If you think either program may apply or help you. Please contact me and we can review your situation.

** The information on this website is intended only for informational purposes.  Reh Wealth Advisor clients should discuss with their advisor if any action is appropriate.

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About Stephen Reh MBA CFA® CFP®

I am Steve Reh the founder of Invest with Steve and Reh Wealth Advisors LLC. Thank you for visiting my website.

Contact me to setup your free, no obligation, 1 hour consultation.

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