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re: Small Business Resource Thread COVID-19
Posted on 3/31/20 at 12:11 pm to SippyCup
Posted on 3/31/20 at 12:11 pm 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?
Not according to what we have been told. You can have both loans, they just can't pay for the same costs. So the EIDL loan couldn't pay payroll costs, for example.
We are also being told you can roll the EIDL into the PPP.
We are advising clients to hold off on EIDL if they are liquid enough.
1
Posted on 3/31/20 at 12:15 pm to BamaAlum02
My understanding is the EIDL can be used for Payroll, but your maximum that is forgiven is the 250%. So if you do the PPP loan and you do the $10,000 then your PPP loan forgiveness is 250%-$10,000.
Or else the difference, will be a normal loan.
Or else the difference, will be a normal loan.
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