As of April 15, 2020
U.S. DEPT OF TREASURY PAYCHECK PROTECTION PROGRAM INFORMATION
The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.
Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards. More details at the link, including the borrower application form.
SBA ECONOMIC INJURY DISASTER LOAN
The EIDL can provide up to $2 million of financial assistance (actual loan amounts are based on amount of economic injury) to small businesses or private, non-profit organizations that suffer substantial economic injury as a result of the declared disaster, regardless of whether the applicant sustained physical damage. Substantial economic injury means the business is unable to meet its obligations and to pay its ordinary and necessary operating expenses. EIDLs provide the necessary working capital to help small businesses survive until normal operations resume after a disaster.
ECONOMIC STIMULUS PACKAGE
The President has signed a $2 trillion stimulus package designed to support the U.S. economy amidst the coronavirus pandemic.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides approximately $2 trillion, broken down as follows:
$500 billion in Treasury Department Exchange Stabilization Fund (ESF) for loans to struggling businesses
$377 billion in small business loans
$330 billion in emergency federal government appropriations
$260 billion in unemployment insurance expansion
$250 billion in direct payments to taxpayers
$150 billion in state and local government aid
$150 billion in healthcare system funding
Payroll tax relief for employers and employees