MBO's CARES Act Loan Calculator
About Your Business
Revenue & Payroll
Your Personal Payments
Employee Payroll Costs
List the wage and benefits costs for the employees on your payroll.
* Salary, wage, commission or similar compensation
* Cash tips or equivalent
* Payment for group health care benefits such as insurance premium
* Vacation, parental, family, medical or sick leave
* Dismissal or separation allowance
* Retirement benefits for retired employees paid out of payroll, not contributions to eligible retirement plans
* State or local tax assessed on employee's compensation, not income taxes withhold from a paycheck and remitted to state or local government
Business Losses & Planning
These are items where you can show direct injury caused by the pandemic.
These help us determine how much you should request and how much you can expect to be forgiven.
Results: What’s Right for Me?
Based on your answers to the previous questions, we'd suggest the following approach to your loan and grant application process. Please note that our calculations indicate only what you may be eligible for, and not what you may receive, and do not indicate which portion of the loan may be forgiven.
Economic Injury Disaster Loan (EIDL)
The program offers emergency relief for businesses and qualifying independents who suffer a quantifiable economic loss resulting from the pandemic. Up to $10,000 of the loan amount is considered a "grant": you’re not required to pay it back. The grant amount is capped at $1000 per employee, including yourself.
You said you’re only interested in forgivable funding, so you should only request the EIDL Grant Amount. Any remainder above $10,000 is treated as an interest-bearing loan.
Paycheck Protection Program (PPP) Loan
The Program allows for loans of 2.5 x monthly payroll. Some or all of the loan may be forgiven, so long as you maintain at least 75% of the payroll used to calculate the loan amount.
You said you’re only interested in forgivable funding but do not expect to maintain 75% of your reported payroll, as required for forgiveness, so this program may not be right for you.
You must apply for PPP loans through an authorized lender—usually a bank. If you have a business bank account, check with that bank first as many prioritize applications from existing customers. You can also check the SBA website to find authorized lenders near you.
Based on the information you provided, it doesn’t look like you and your business will qualify for assistance under the Paycheck Protection Program (PPP) or Economic Injury and Disaster Loan (EIDL). These programs are only available to small businesses and independent professionals operating like a business who sustained economic injury related to the COVID-19 pandemic.
But don't worry. You may still qualify for other benefits, including stimulus payments and expanded unemployment coverage. Please view our Benefits Guide for more information.
Please Consult an Expert
This calculator is designed to guide individuals and small companies. Larger companies and seasonal businesses may need to consider additional factors as they decide which program is right for them. We urge you to work with your accountant or certified financial advisor to guide you through the selection process.