The Coronovirus Aid, Relief, and Economic Security Act (“CARES Act”)
The CARES Act as passed by Congress on March 27, 2020, proposes to expand the Small Business
Act by (i) creating a Paycheck Protection Program within the Section 7(a) loan program, and (ii) revising
the existing Economic Injury Disaster Loan (“EIDL”) program in connection with COVID-19. The fol-
lowing is a quick guide to the existing EIDL program, as amended by the CARES Act, and the
Paycheck Protection Program. If you have any questions on this chart, please email any of us directly
or email Lorena Decker at email@example.com.
Economic Injury Disaster Loan
Paycheck Protection Loan
Small businesses/non-profit organiza-
tions that are located in a state/county
declared an economic disaster area as a
result of the virus (which includes all
U.S. states and territories as of now),
and have experienced economic damage
to its business as a result of COVID-19.
Any business concern, nonprofit organi-
zation (501(c)(3)) or veterans’ organization
with fewer than 500 employees. Includes
self-employed individuals; independent
contractors, sole proprietors.
for the Loans
Beginning on January 31, 2020 and
ending on December 31, 2020.
Beginning on February 15, 2020 and
ending on June 30, 2020.
No. Only limit is fewer than 500 employ-
Same, but for a business that is classified
under a NA- ICS code beginning with 72
(Accommodation and Food Services), the
500-employee limitation is per location,
not in total for all locations.
Up to $2 million.
The lesser of (i) $10,000,000 and (ii) 2.5
times the average amount of payroll
3.75% for small businesses; 2.75% for
Maximum of 4.00%.
Maturity Date Up to 30 years.
Estimate 5 to 7 years, with a maximum of
Loans Be Used
Fixed debts, payroll, accounts payable and
other bills that ca