There are two primary SBA programs underway for small business: the Economic Injury Disaster Loan (EIDL) and the associated Loan Advance; and the Paycheck Protection Plan loan. More information on criteria for qualifying businesses is HERE (




Economic Injury Disaster Loan (EIDL)

  • The EIDL is a low-cost loan to pay expenses.
  • Interest rate is 3.75%.
  • Term is 30 years.
  • There is no pre-payment penalty.
  • The maximum loan is 2 million dollars.
  • The SBA will decide how much to lend but it is estimated to be six months of expenses.
  • These expenses can be rent, utilities, payroll (employees or contractors), insurance, AP, etc.
  • Your credit score will be considered.
  • Your ability to repay the loan will be considered.
  • If you do not need the money, the loan will be declined.
  • There is no collateral required for loans under $200,000.
  • The application process is shockingly quick and streamlined.
  • A case manager will be assigned to you and may ask for additional formal documents including your latest income tax filing.
  • The SBA is administering this loan directly.
  • Most small businesses can apply, including corporations, LLCs, sole-props and self-employed.
  • Application is at



EIDL Loan Advance ‘grant’

The EIDL Loan Advance is the last question on the EIDL application. It is an up-to-$10,000 advance that will be dispersed in days, not weeks, AND DOES NOT HAVE TO BE PAID BACK. it is akin to a stimulus check for small business.




If you applied very early in the process, you may have missed this option. if so, you must reapply!!


Paycheck Protection Plan Loan (PPP)


The PPP loans are administered through banks.


  • It will fund 2.5x monthly payroll.
  • The rate is 1%.
  • The term is two years.
  • After 8 weeks, the loan WILL BE FORGIVEN, *IF* you have maintained the same number of full-time equivalent employees and pay rates.
  • Applications are made through individual bank portals.
  • Paperwork will be more extensive than for the EIDL.
  • This product is most suited for larger small businesses with many employees.
  • No collateral required.
  • No personal guarantee required.

Read more HERE(–Fact-Sheet.pdf)

Find a participating lender HERE ( Each bank sets its own policies on priorities of who to serve


The Dallas Metropolitan SBDC is available to help.


Before applying for a loan, have a realistic assessment of your company’s strength, ability to weather this crisis, likelihood to successfully rebound, the likelihood of your customers returning (and able to return), your place in the new business climate that will follow, and your ability to repay. Understand the details of the loan and what the funds can be used for.