Wink Inc. Enrolled Agents America’s Tax Experts ®
Wink Tax Services
Wink Inc. | Enrolled Agents | 2701 Troy Center Dr, Ste 255 | Troy | Michigan | 48084 | Tel: 248-816-1220 | 800-276-8319 | Text: 248-800-6013|
PPP – EIDL Loan Comparisons
Paycheck Protection Program Loan (PPP)
Economic Injury Disaster Loan
(EIDL) Qualifying Business 500 or fewer employees; Active on 2/15/2020 500 or fewer employees
Ineligible Businesses Cannabis, lenders, pyramid, household employers, those with prior SBA defaults and certain criminal activities.
Gambling concerns (more than 1/3 income from gambling), all casinos, racetracks, poker parlors, etc.
Program Duration Available through 6/30/20 Unknown at this time
Max Loan Amount $10 Million
$2 Million
Borrower Loan Amount
2.5 times average monthly payroll for January 2019 to January 2020.
Decided by SBA based upon need determined by submitted documents. Can project need for one year.
How to Apply Approved third-party lenders. Direct through SBA
Payroll / Employee (does not include 1099 contractor payments)
All salary, wages, commissions and tips including most benefits, capped at $100K for each employee. Does not include FFCR Act leave payroll.
Includes both full-time and part- time employees.
Interest Rate
1% 3.75% for Small Business 2.75% for Non-Profits
Loan Term
2 Years
Up to 30 Years
Loan Guarantees or Collateral Required
None, other than borrower certification None for loans of $25,000 or less. Above that determined by SBA depending on circumstances.
Loan Advance
2.5 times average monthly payroll for January 2019 to January 2020.
$1,000 per active employee as of January 31 st 2020. Limit $10,000
Loan Forgiveness The lessor of the loan amount or the sum of the expenses including payroll, mortgage interest, rent, and utilities paid in the 8-week period following the loan origination date.
The $10,000 advance amount forgiven at the discretion of the SBA. If a borrower also has a PPP loan, the $10,000 forgiveness will be deducted from the PPP loan forgiveness amt..
Forgiveness Reduction
Reduced if full head count decreases or salaries are decreased by more than 25%
Not applicable for amounts beyond loan advance.
Payment Deferral 6 to 12 months Up to 12 months Determined by the SBA
Allowable Loan Uses Payroll costs, mortgage interest*, rent/lease payments*, utilities* including electric, water, telephone, internet. *In place before 2/15/20
Fixed debts, payroll, accounts payable, insurance, interest and other general operating expenses. Not to be used for lost sales or profits or expansion.
Coordination with the Employee Retention Credit
Makes employer ineligible for the employee retention credit
Not applicable
Based on guidance As of April 13, 2020 [EIDL loan advance changed from $10,000 to $1,000 per employee max $10k 4/10/20]
Wink Inc. Enrolled Agents America’s Tax Experts ®
Wink Tax Services
Wink Inc. Enrolled Agents | 2701 Troy Center Dr, Ste 255 | Troy | Michigan | 48084 | Tel: 248-816-1220 | TF: 800-276-8319 | Text: 248-800-6013 |
PPP – EIDL Loan Comparisons
Paycheck Protection Program Loan (PPP)
Economic Injury Disaster Loan
(EIDL) Qualifying Business 500 or fewer employees; Active on 2/15/2020 500 or fewer employees
Ineligible Businesses Cannabis, lenders, pyramid, household employers, those with prior SBA defaults and certain criminal activities.
Gambling concerns (more than 1/3 income from gambling), all casinos, racetracks, poker parlors, etc.
Program Duration Available through 6/30/20 Unknown at this time
Max Loan Amount $10 Million
$2 Million
Borrower Loan Amount
2.5 times average monthly payroll for January 2019 to January 2020.
Decided by SBA based upon need determined by submitted documents. Can project need for one year.
How to Apply Approved third-party lenders. Direct through SBA
Payroll / Employee (does not include 1099 contractor payments)
All salary, wages, commissions and tips including most benefits, capped at $100K for each employee. Does not include FFCR Act leave payroll.
Includes both full-time and part- time employees.
Interest Rate
1% 3.75% for Small Business 2.75% for Non-Profits
Loan Term
2 Years
Up to 30 Years
Loan Guarantees or Collateral Required
None, other than borrower certification None for loans of $25,000 or less. Above that determined by SBA depending on circumstances.
Loan Advance
2.5 times average monthly payroll for January 2019 to January 2020.
$1,000 per active employee as of January 31 st 2020. Limit $10,000
Loan Forgiveness The lessor of the loan amount or the sum of the expenses including payroll, mortgage interest, rent, and utilities paid in the 8- week period following the loan origination date.
The $10,000 advance amount forgiven at the discretion of the SBA. If a borrower also has a PPP loan, the $10,000 forgiveness will be deducted from the PPP loan forgiveness amt..
Forgiveness Reduction
Reduced if full head count decreases or salaries are decreased by more than 25%
Not applicable for amounts beyond loan advance.
Payment Deferral 6 to 12 months Up to 12 months Determined by the SBA
Allowable Loan Uses Payroll costs, mortgage interest*, rent/lease payments*, Utilities* including electric, water, telephone, internet. *In place before 2/15/20
Fixed debts, payroll, accounts payable, insurance, interest and other general operating expenses. Not to be used for lost sales or profits or expansion.
Coordination with the Employee Retention Credit
Makes employer ineligible for the employee retention credit
Not applicable
Based on guidance As of April 13, 2020 [EIDL loan advance changed from $10,000 to $1,000 per employee max $10k 4/10/20]