Regarding the EIDL (Economic Injury Disaster Loan)
Loans are available for reasons other than payroll costs .
This allows for a emergency grants in the form of an immediate advance of up to $10K
Advance can reduce the amount forgiven by $10K if you also apply for PPP.
Loan is payable over 10 years at 3.75% interest rate.
Resources: EIDL Application
Resources: Program Details
Regarding the PPP (Paycheck Protection Program)
Applications available starting on 4/3 for small businesses
Applications available starting on 4/10 for independent contractors (self-employed individual) [Note: you will need to work with an SBA lender]
You must have less than 500 employees and loans are calculated based on average monthly payroll x 2.5
Employee wages are capped at $100K for purposes of the loan calculation
Loan amounts used for payroll, utilities, mortgage interest and rent are forgiven
If there is a balance on the loan after the amount forgiven, the balance is payable over 2 years at 0.5% interest rate.
Resources: PPP Fact Sheet
Resources: Application Form