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re: Small Business Resource Thread COVID-19
Posted on 3/30/20 at 8:27 am to SippyCup
Posted on 3/30/20 at 8:27 am to SippyCup
quote:
Does this mean that those who jumped the gun and applied for the economic disaster loan are now disqualified from the PPP loan?
No. These disaster loans may be refinanced into PPP loans.
If your business has received a disaster loan from January 31, 2020 until June 30, 2020, you are eligible for a PPP loan so long as that disaster loan is for a purpose other than paying payroll costs, mortgages, rents and utilities.
I'm hoping to know more this afternoon. We have a call with our bank today to go over options. We're going to need something to make it through this. On the surface, the PPP sounds too good to be true. I hope there isn't a gotcha hidden in there somewhere.
1
Posted on 3/30/20 at 9:08 am to BottomlandBrew
So PPP is through the bank directly but not set up as yet?
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