• Provides small businesses with working capital loans of up to $2 million
• 3.75% interest rate (nonprofits 2.75% interest rate)
• SBA loan approved based solely on an applicant’s credit score.
• Loans smaller than $200,000 can be approved without a personal guarantee.
• No early payment penalties
• 30-year loan
• All those applying for an EIDL loan will be eligible for up to a $10,000 emergency grant to be issued within 3 days of the application being received.
• Applicants must certify under threat of perjury that they believe they are eligible for the EIDL loan.
• The up to $10,000 grant is forgivable.
Qualified Expenses for Emergency EIDL Grant
• Providing paid sick leave to employees unable to work due to the direct effect of the COVID–19;
• Maintaining payroll to retain employees during business disruptions or substantial slowdowns;
• Meeting increased costs to obtain materials unavailable from the applicant’s original source due to interrupted supply chains;
• Making rent or mortgage payments; and
• Repaying obligations that cannot be met due to revenue losses.
Who qualifies for a PPPL?
• Businesses with less than 500 employees
• Independently owned franchises with less than 500 employees
• “Accommodation and Food Services,” if each location has less than 500 employees
• Sole proprietors, independent contractors, self-employed individuals
• 501(c)(3) nonprofits AND
• Been in business since 2/15/2020 and paid taxes on your employees or independent contractors.
Valencia SBDC Location – 26455 Rockwell Canyon Rd. Santa Clarita CA 91355
Under Families First Coronavirus Response Act
U.S. Dept. of Labor Wage and Hour Division (WHD) Resources