The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) makes important changes to the Small Business Administration (SBA) Economic Impact Disaster Loan (EIDL) program and creates the Paycheck Protection Program (PPP). Both programs provide potential financing options for small businesses impacted by the COVID-19 emergency.

The chart below highlights key differences between the two loan programs. SBA implementing regulations, which are required to be issued within 15 days of the CARES Act becoming law, are expected to provide further details regarding both programs.