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Guiding You to the Appropriate Agency Program

The resulting COVID-19 pandemic has placed a huge economic burden on businesses across the country. Through the Small Business Administration (SBA), the Federal Government is offering financial assistance to businesses to meet their obligations during this economic crisis with SBA 7(a) Loan Program currently proposed to be amended under the Coronavirus Aid, Relief and Economic Security (CARES) Act, and the SBA 7(b) Economic Injury Disaster Loan (EIDL) program.

Each of these distinctive programs may not be available to all small businesses, and include different loan processes, provisions and terms. For businesses that qualify to apply to either program, funds may not be received for the same purposes. Additional details regarding each program are included below for small business owners to evaluate their potential eligibility and gather more information. Please note that some of these changes are still pending congressional action, and HCLLP is updating the below with information as it is finalized and made available.

Loans Under Paycheck Protection Program (Pending Finalization of CARES Act)


  • Current draft of the CARES Act authorizes the SBA is authorized to guarantee up to $10 million in SBA 7(a) loans to businesses with not more than 500 employees or the applicable size standard established by the SBA for the industry in which the business operates, if greater.
  • The loan period for this program would begin on February 15, 2020, and end on December 31, 2020.
  • Under certain circumstances, a portion of this loan may be forgiven.
  • The applicant applies for this loan with an SBA Approved Lender.

Loans Under EIDL Program


  • SBA’s Economic Injury Disaster Loan (EIDL) program provides small businesses with SBA 7(b) working capital loans of up to $2million
  • Applicants must be able to prove economic injury to qualify for this loan.
  • The applicant applies on-line for this loan directly with the SBA through the SBA website.


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