Economic Injury Disaster Loan (EIDL Loans)

The SBA is providing loans to small businesses to help with the economic downturn. Up to $10,000 of the loan can be considered a grant that will not need to be repaid if used for specific purposes. These loans can be applied for directly through the SBA website and up to $10,000 can be advanced to you within 3 days. For more details and to apply, please click the following link:


Paycheck Protection Program

The CoronaVirus Aid, Relief and Economic Security Act or “CARES Act” is a two trillion dollar economic stimulus package. Approximately $350 Billion of that amount is for low interest rate loans to small businesses. The Paycheck protection program (part of the CARE act) extends the Small Business Administration 7(a) loan program. The loan is designed to be used to retain workers, maintain mortgage/lease payments and utility payments. Loan applicants must certify that the current economic conditions make the loan necessary to maintain their business. In addition to the benefit of a low interest rate, there is also a loan forgiveness provision built in. Loan proceeds used to pay for ELIGIBLE COSTS during the 8 week period starting on the loan origination date do not need to be repaid.

Eligible Costs include:

  • Payroll – To retain employees
    • Early guidance suggests the “payroll” includes subcontractors 
  • Interest (Not Principal) on mortgages used in the ordinary course of business that:
    • A) Are the liability of the borrower and;
    • B) A Mortgage on real or personal property and;
    • C) Incurred before February 15, 2020.
  • Rent paid under a lease agreement in force before February 15, 2020
  • Utilities (Gas, Electric, Telephone, Internet, Water – All entered into before February 15, 2020

Forgiveness is reduced if there is a greater than 25% drop in wages.

Loans can be up to 2.5x times the businesses average monthly payroll cost. The loan interest rate is capped at 4% with a 2 year term. These loans should be applied for through your bank. The bank will most likely need to be an SBA Lender.

At Stayton, Dickens & Webster, LLP, we feel that all eligible small businesses should apply. We encourage all whom are interested to apply as soon as possible as we expect the available funds could be exhausted quickly.

More details on this loan can be found on the SBA website:

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117 S. Bedford St.
Georgetown, DE 19947

Phone: 302-856-4141
Fax: 302-856-3994