Federal Funds

Statewide Funds

LocalFunds

CostDeferral

What Amount Eligibility Source Strengths Constraints

PaycheckProtection

Loan – part forgivable

Up to $10M <500 employees or meets industrySBA SizeStandards

Banks, credit unions, CDFIs

No credit checks, guarantees, collateral

May overlook disadvantaged businesses

Economic InjuryDisaster Loan

(EIDL)

Loan Up to $2M <500 employees or meets industrySBA SizeStandards

SBA Low-interest loans, favorable terms

Likely will take weeks to issue loans

Economic InjuryGrant (EIDLAdvance)

Grant Up to $10K <500 employees or meets industrySBA SizeStandards

SBA Grant within 3 days of application

Limited grant size

Main StreetLending Program

Loan Loans between $1M and $25M

<10K employees or up to $2.5M in revenue

Banks, holding corporations

Low interest, early repayment, 1-year deferral

High minimum loan requirement

SWaMMicroloanProgram

Loan $10-25K <250 employees or <$10M in revenue, operating 2+ years

VSBFA Flexible, low interest rate

Requires 650+ credit score

Child Care Financing Program

Loan Up to $10K Home child day care providers

VSBFA Start-ups eligible; 0% interest rate

Use limitations

Loan Up to $150K Child day care centers

VSBFA Start-ups eligible; 0% interest rate

Use limitations

Local Programs Contact your local economic developer for information about lending programs in your area

Debt Relief

Interest and payment deferrals

N/A Dependent on private negotiations

Lenders Flexible, rapid, bottom-up

May not be possible for all borrowers

Rent

Landlord rent renegotiation

N/A Dependent on private negotiations

Landlords Flexible, rapid, bottom-up

May not be possible for all commercial renters

Utilities

Deferred payments; reduced fees; renegotiation

N/A All businesses; private negotiations for additional relief

State Corporation Commission, various utilities

Services maintained, various payment relief options

Deferred payment only short-term, negotiations for exceptions

COVID-19 Small Business Financial Support Options – Virginia

Note: Programs have finite resources. Check with program administrators regarding current availability of resources.

Mapping the Support Ecosystem for Disaster Financing Assistance

Disaster Financing Assistance

Awareness and Technical Assistance

Lending Capacity

Economic Development

Small Business Support

Organizations

Business Services

CDFIs

SBA 7(a) Top Lenders

Approved Lenders

Accountants Lawyers

Click logos to access webpage

Overview EIDL EIDL Advance PPP

Lender SBA SBA SBA 7(a) Approved Lender

Max Loan Amount $2M Advance of up to $10K 2.5x average monthly payroll costs at $100K/employee (max $10M total)

Deadline to Apply December 31, 2020 December 31, 2020 June 30, 2020

Eligible Borrowers ■ Businesses that meet the SBA size standards

■ Sole proprietorships (with/without employees and/or contractors)

■ Cooperatives and ESOPs■ Tribal small businesses■ Private nonprofits including faith-based

You may apply for both the EIDL and PPP, however, advances or loan proceeds can’t be used for same purpose during the same period.

Specific organizations with ≤500 employees, including:■ Sole proprietorships (with/without

employees and/or contractors)■ Cooperatives and ESOPs■ Tribal small businesses■ Private nonprofits including faith-based

■ Businesses with ≤500 employees■ Businesses in NAICS 72 with ≤500

employees per individual location■ Private nonprofits including faith-based■ 501(c)(19) veterans organizations

Use of Proceeds ■ Payroll■ Rent■ Utilities■ Interest on debt incurred■ Accounts payable■ Some bills that could have been paid had

disaster not occurred

■ Payroll■ Rent■ Utilities■ Interest on debt incurred■ Accounts payable■ Some bills that could have been paid had

disaster not occurred

■ Payroll■ Interest on mortgage (excluding principal

or prepayments)■ Rent■ Utilities■ Interest on debt incurred prior to February

15, 2020

Collateral None for loans up to $25K N/A Waived

Personal Guarantee None for loans up to $200K N/A Waived

Affiliation Applicable Waived Applicable

No Credit Elsewhere Waived Waived Waived

Forgivable No Yes Yes, up to 100% (restrictions apply)

Interest 3.75%2.75% for nonprofits

N/A Up to 4% for non-forgiven portion. Currently fixed at 1%

Term Up to 30 years N/A Up to 10 years for non-forgiven portion. Currently 2 years

Prepayment Penalty None N/A None

More Information Economic Injury Disaster Loan (EIDL) Economic Injury Disaster Loan Emergency Advance (EIDL Advance)

Paycheck Protection Program (PPP)

Small Business Loan Comparison