Additional $370 Billion in Emergency Loans and Grants on the Way

More small business aid is on the way after Congress passed legislation to replenish emergency loan and grant programs for small businesses, self-employed individuals and independent contractors.

The measure includes an additional $310 billion for the depleted Paycheck Protection Program (PPP) and an additional $60 billion for the Economic Injury Disaster Loan (EIDL) program. This new funding is expected to go quickly.

Here are step-by-step guides to apply for funding through PPP and EIDL.

SMALL BUSINESS GUIDE TO PAYCHECK PROTECTION PROGRAM (PPP) LOANS

The CARES Act allocated $350 billion to help small firms keep workers employed. Called the Paycheck Protection Program (PPP), the initiative provides 100% guaranteed loans that can be forgiven if borrowers maintain or restore payrolls. Check eligibility and prepare to apply using this guide.

SMALL BUSINESS GUIDE TO ECONOMIC INJURY DISASTER LOANS (EIDL)

The CARES Act expanded the SBA’s long-standing Economic Injury Disaster Loan Program (EIDL), which includes additional loan programs and $10,000 emergency grants. Check eligibility, calculate borrowing limits, and prepare to apply using this guide.

INDEPENDENT CONTRACTOR GUIDE TO PPP AND EIDL LOANS

If you are an independent contractor or self-employed individual, you may be eligible for Paycheck Protection Program (PPP) loans/grants, SBA’s Economic Injury Disaster Loans (EIDL), and/or Unemployment Compensation for lost income. This guide walks independent contractors through the steps.

For many more resources, webinars, research, and advocacy tools for small businesses, visit uschamber.com/savesmallbusiness.