The CARES Act, passed 3/27/20, is a $2 trillion coronavirus relief/economic stimulus bill that provides debt forgiveness and creates two loan programs for small businesses, the Paycheck Protection Program Loan and the Economic Injury Disaster Loan (EIDL), also known as an SBA Disaster Loan. You can apply for both, however, not for the same use of loan proceeds.
This comparison chart summarizes key information to help small business owners better understand the difference between the two loan options. (Note – TMC does not administer either of these loan programs)
For more information on COVID-19 relief options please visit: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options
