Below is a comparison of the two SBA relief programs that are available in response to the Coronavirus pandemic. This is intended to be a high-level, easy-to-understand comparison.
|Economic Injury Disaster Loan (EIDL)||Paycheck Protection Program (PPP)|
|Who will give me my loan?||The loan will be directly with the SBA.||As a qualified and preferred SBA lender, First Reliance Bank can make the loan.|
|How much can I borrow?||The maximum loan amount under the EIDL is $2 million.||The lesser amount of:
Your Avg. Monthly Payroll* Costs x 2.5
– or –
*Payroll includes salaries, commissions, tips, certain employee benefits (including health insurance and retirement benefits), state and local taxes and certain types of compensation to sole proprietors or independent contractors. Payroll costs specifically exclude employees who are compensated at $100,000 or greater, foreign employees, FICA and income tax withholdings.
|What is the annual interest ...|