SBA Emergency Injury Disaster Loan, Paycheck Protection Loans, and The Cares Act
Monday, March 30th, 2020
On March 11, President Donald Trump directed the Small Business Administration to offer Economic Injury Disaster Loans (EIDLs) to small businesses and private non-profits impacted by COVID-19. The CARES Act, passed by the House on 3/27/2020, amends the Small Business Act (SBA) to create a new Business Loan Program category (Paycheck Protection Loans) and provides modifications to the EIDL program. Both programs make available low-interest loans that are designed to provide economic support by aiding small businesses in overcoming temporary losses of revenue due to the virus. HunterMaclean partners Louann Bronstein and Rob McGuirk have prepared a reference to compare the Paycheck Protection Loans to the EIDLs.