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Posted April 21st, 2020 in Top Stories, Legal Insights with Tags , ,

COVID-19 Loan Options For Businesses and Nonprofits with More than 500 Employees

Some of the COVD-19 pandemic emergency loan programs limit eligibility to businesses and to nonprofits based on their size or other qualifications. Businesses or nonprofits with more than 500 employees are often left wondering what loans they can apply for, and which loans would be the best for their organizations and their needs.

Table 1 below summarizes the eligibility requirements of the potential loan options available for organizations with more than 500 employees, and Table 2 outlines the other loan terms. As the tables reveal, organizations with 500 or more employees may be eligible for more than one loan option; however, the loan requirements and restrictions vary. An organization will want to review the loan terms carefully to determine what makes the most sense for its business and current needs as a result of the pandemic.

The SBA announced that it is no longer receiving new loan applications for the Paycheck Protection Program and Economic Injury Disaster Loan program due to funding limitations. However, these loans may become available again if Congress enacts new legislation to further fund these programs.

Table 1 – Eligibility Requirements

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Table 2 – Comparison of Other Loan Terms

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