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re: Small Business Resource Thread COVID-19
Posted on 3/31/20 at 10:20 am to Golfer
Posted on 3/31/20 at 10:20 am to Golfer
quote:
We did the EDIL this afternoon and will be doing the PPP with a local lender later this week.
I just read this..does this relate to what you're doing?
quote:
Businesses that receive a Paycheck Protection Loan cannot receive and EIDL loan for the same purpose. However, businesses that have an EIDL loan issued in 2020 in place may be able to refinance that loan into the Paycheck Protection Loan, which becomes forgivable if the business has sufficient qualifying salary, utility and rent/mortgage expenses.
1
Posted on 3/31/20 at 10:24 am to tgrbaitn08
You can apply for both. You can use both loans to fund payroll. What you cannot do is use EIDL funds to cover payroll costs at the same time you are using PPP loan proceeds for payroll costs.
IOW, they can't overlap in use for the same purpose.
IOW, they can't overlap in use for the same purpose.
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