Comparison of Programs: PPP & EIDL


Paycheck Protection ProgramFULL EIDL Loan
PURPOSE
Forgivable if used for payroll (minimum of 75% of the funds received) and the remaining for certain operating expenses (amount of any EIDL advance is not forgivable)

To meet financial obligations and
operating expenses that could
have been met had the disaster
not occurred (amount of any EIDL
advance is forgiven)

TERMS
Up to $10 million 1% interest rate

Up to $2 million
3.75% for businesses
2.75% for non-profits

FORGIVABLE
YES

NO – EIDL Loan
YES – EIDL Advance

MATURITY
2 years

30 years

FIRST PAYMENT DUE
Deferred 6 months

Deferred 1 year


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