CARES Act Paycheck Protection Program and SBA Economic Injury Disaster Loan Lifelines for Small Businesses: Are You Eligible, How Do You Apply, and What are the Key Terms/Benefits?

Companies are scrambling to determine whether they qualify for the Paycheck Protection Program or the SBA’s Economic Injury Disaster Loans, and if so, what they are entitled to, and how to access this loan financing to sustain their businesses and their workforce during the COVID-19 pandemic. Many companies are unfamiliar with the SBA’s complex rules for determining small business status, the expansion of eligibility under the PPP, and differing threshold requirements under the PPP and EIDL. Crowell & Moring has prepared a step-by-step PPP eligibility questionnaire that includes the relevant inquiries and initial documents and information necessary for this analysis, as well as discusses overviews on PPP loan terms and application process.