Do I have to choose either the Economic Injury Disaster Loan OR the Paycheck Protection Program?

Response received from SBA HQ on 4/3/2020: Select the loan program that best meets your individual business needs; however, you are not permitted to hold funds from both programs for the same purpose.

The PPP loan has different terms from the EIDL loan. The Paycheck Protection Program’s maximum loan amount is $10 million with a fixed 1% interest rate and maturity of two years.

Economic Injury Disaster Loan assistance provides up to $2 million loan per business and are long-term, low-interest rate at 3.75% for businesses and 2.75% for non-profits and a maturity of up to 30 years

The application period for PPP loans runs through June 30, 2020, but the EIDL application period runs through December 2020. If you have working capital need beyond what is provided by PPP, you can apply for additional assistance through the EIDL program.

If you are applying for both, you can accept PPP first – then decide whether to close on your EIDL approved loan. An EIDL approved loan may be closed within 60 days, and the borrower can choose whether to close on the loan. The EIDL application period runs through Dec. 2020.

Visit Paycheck Protection Program & EIDL Loan Advance for more information. 

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1. Is my business allowed to remain open? Is my business considered "essential"?
2. What will happen if a “non-essential business” stays open?
3. Where can I find the publicly available database webpage of Woodland restaurants, cafes, breweries, and wineries offering curbside and home delivery – and how can I be included in this database?
4. What if I am unable to pay my rent during the closure?
5. Will my utilities be shut off if I can’t pay my bill?
6. How will the City help me protect my store or property if needed?
7. What resources are available if I have to lay off workers, if I lose my job or if I need to close my business?
8. What should I be doing to protect my employees from COVID-19?
9. I operate a food service facility - what practices should I follow to keep my patrons safe?
10. Where can I go to get daily updates on COVID-19 cases in Yolo County?
11. If my employer is not taking appropriate safety measures to protect me, who do I contact?
12. Where can I get guidance documents and assistance in SPANISH about COVID-19 for employees and employers?
13. Does the City of Woodland have financial assistance programs for businesses?
14. What federal and state programs are available to help my businesses?
15. If I am applying for / received an Economic Injury Disaster Loan, is my small business eligible to participate in the Paycheck Protection Program?
16. I received an Economic Injury Disaster Loan – Can I apply for the Paycheck Protection Program?
17. Do I have to choose either the Economic Injury Disaster Loan OR the Paycheck Protection Program?