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WASHINGTpN <br />COUNTY • <br />Community <br />An <br />COVI D-19 SMALL BUSINESS RESOURCES T °ge°`ypment TO BUSINESS <br />• The Economic Injury Disaster Loan from the SBA can be up to $150,000 working capital for up to a 30-year term at 3.75% (2.75% non -profits). Not everyone will qualify for that <br />amount. <br />• The Paycheck Protection Loans can be for 2.5 months of average payroll or $10 million — whichever is less. <br />4. Do I need to repay these loans? <br />• You must repay the Economic Injury Disaster Loan from the SBA. Payments can be deferred for one year after the origin of the loan. <br />• All or some of the Paycheck Protection Loan may be forgiven (converted into a grant). There are specific requirements about how you spend the loan and if you continue to employ <br />your workers in order for it to be forgiven. Read them here. <br />5. What about the $10,000 emergency grant I've heard about? <br />• The SBA is offering to advance businesses a $10,000 grant that does not need to be paid back. That grant will be paid quickly — in as little as three days. <br />• You can apply for that $10,000 grant as part of the Economic Injury Disaster Loan process. If you are awarded the $10,000 emergency grant, you will not have to pay the grant Oust <br />the grant) back. You will still have to repay the rest of your SBA Economic Injury Disaster Loan. <br />6. Can self-employed workers and freelancers apply? <br />• Paycheck Protection Loans are available to 501(c)(3)s, self-employed, sole proprietors and independent contractors. <br />• SBA Economic Injury Disaster Loans are available to small businesses and non -profits (including faith -based) with fewer than 500 employees, sole proprietors and independent <br />contractors. <br />7. Can you apply for both loans? <br />• Yes. You can apply for and receive both loans. <br />8. Do I need good credit to qualify for these loans? <br />• The Paycheck Protection Loan requires no collateral and no personal guarantee. <br />• The Economic Injury Disaster Loans are given based on credit scores. No tax returns are required. You can borrow up to $200,000 without a personal guarantee. <br />9. What if I've already fired or laid off my employees? Do I still qualify for a Paycheck Protection Loan? <br />• Your loan may be forgiven if you bring back employees and restore wages generally within 30 days and maintain them through June 30. <br />Updated April 22, 2020 <br />