MBO's CARES Act Loan Calculator

About You

CARES Act grants and loans are available to small businesses (under 500 employees) and qualified independents who suffered harm from the COVID-19 pandemic between February and July, 2020. First, we’ll check to make sure these programs fit your situation.
The law is changing fast. We’ll use this to keep you updated as new information becomes available.
If you work for yourself as an independent, you likely file taxes on your personal return and do not have a business entity. If you have a business entitty and you pay yourself a wage as part of your business structure, you work for your own company. If you receive a W-2 for your work, you are an employee of someone else's company.
Optional – will you share this with us so that we can learn about your skills and services as an independent?
We value your privacy! All information provided here is governed by our privacy policy. We will never share or sell your data without your consent.
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About Your Business

CARES Act grants and loans are available to small businesses (under 500 employees) and qualified independents who suffered harm from the COVID-19 pandemic between February and July, 2020. First, we’ll check to make sure these programs fit your situation.
Answer this question based on how you file your taxes for business income.
This is an option on your tax return. Please leave this option as 'no' unless you are certain you file as a seasonal business.
Note: independents and vendors you pay on a 1099 basis do not count as payroll. The government encourages them to apply for their own benefits.
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Revenue & Payroll

Now, we'll collect basic information about the payroll costs (or equivalent payment) you incur for yourself and any direct employees of your business.

Your Personal Payments

This number should be the total wage amount you pay to yourself and report on your PERSONAL income tax filing. It does NOT need to be on a W2 payroll; business income on your personal filing also counts here.

Employee Payroll Costs

List the wage and benefits costs for the employees on your payroll.

Annual salary/payment
Salary/payment include:
* Salary, wage, commission or similar compensation
* Cash tips or equivalent
Monthly benefits costs
Benefits include:
* 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
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Business Losses & Planning

CARES Act programs offer different funding amounts for injury relief and maintaining your payroll. Some of the funding is eligible to be forgiven if you meet certain requirements, with additional funds available as a low-interest loan. Please note that while we indicate which portions of the loan may be forgiven, we are not able to speak to individual situations.

Your Losses

These are items where you can show direct injury caused by the pandemic.

For example: if a project was delayed or canceled, that counts as lost revenue.
For example: if you paid for an event that you can’t attend, that counts as damage.

Your Plans

These help us determine how much you should request and how much you can expect to be forgiven.

Note: this INCLUDES payments to yourself.
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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.

1

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.

Apply for an EIDL online via the SBA website. You can find more information about the program in our Benefits FAQs.

Revenue loss
Other costs & damages
Total EIDL Eligible Amount
EIDL Grant Amount
This is the amount of your quantifiable loss or damages that is forgivable as a grant.
2

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.

2.5 * eligible monthly payroll
Refinance EIDL at lower rate
PPP loans carry a 1% interest rate vs. the EIDL's 4%. You can refinance the EIDL balance above the $10K grant into your PPP loan to benefit from the lower rate.
Total PPP Request
The information provided here does not constitute legal, tax or financial advice. Before acting on any information, you should consider the appropriateness of the information for your situation in consultation with a professional advisor of your choosing. This is a rapidly changing area of the law and will be subject to change and interpretation.
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Read more about loans and other CARES Act benefits
It's Not A Good Fit

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.

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More Information Is Needed.
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.

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