• Which loan do I choose?

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    I am getting some questions about the two loan programs available from the federal government: the Emergency Injury Disaster Loan (EIDL), and the Paycheck Protection Program (PPP). It's easy to get confused. The EIDL program was the first to be provided to small businesses and was in place through the Small Business Administration (SBA) a couple of weeks ago. The PPP loan was just approved by the President on Friday and businesses can being applying tomorrow (Friday, April 3, 2020) through local lenders. Chamber members who can offer these loans include The Citizens Bank, First Citizens Bank, First Community Bank, First Palmetto Bank, and Synovus. We also have links to additional information for each loan on our website.

    I can tell you some of the details of the loan but ultimately, you will need to decide which program will work best for your business. And remember: you can apply for both, but you cannot use both loans for the exact same expenses. I would suggest you talk to your local lender, accountant or financial advisor, who can help guide you based on your specific financial situation. 

    In the meantime, check out this comparison form shared with us from Synovus Bank. Note: The CARES Act is recommending that customers go to their primary bank for financial relief, and Synovus has developed this document for their customers. (Since the publication of this document, the terms of the PPP loan changed to 2 years, not 10 years.)

    If there's anything else we can help with, don't hesitate to call or email or post below. We are here to help!
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