• Some banks are still working through processing the PPP requests. We’re asking for patience.
• Churches are now eligible for the EIDL & PPP Loans
Difference with and whether or not to go with the Economic Injury Disaster Loan (EIDL) or Payroll Protection Program (PPP) Loan:
An individual can apply for the EIDL Loan and use it “only” for Working Capital (Fixed debt, accounts payable, payroll, etc.), whereas the client can also apply for the Paycheck Protection Program (PPP) as long as it is used only for payroll costs, interest on mortgages, rent, and utilities. Formula: Divide payroll plus utilities using January 1, 2019-December 31, 2019. Multiply X 2, then multiply that number by 2.5 to find out your max loan amount. Call me if you are receiving both and you have to refinance the EIDL into the PPP, while keeping the EIDL Advance payment as a grant.
They can request PPP loan forgiveness after showing payment of payroll & utility expenses for eight weeks after receiving loan proceeds. New change-They can have both, but only if used for the purposes outlined. Otherwise, they would have to refinance the EIDL into the PPP Loan minus whatever EIDL Advance they received (Advance is a grant). Can apply for both, but leave Payroll costs out of the EIDL if you do.
These are the most recent links to our EIDL & Coronavirus Aid, Relief and Economic Security (CARES Act)/ PPP Loan.
Economic Injury Disaster Loan: https://covid19relief.sba.gov/#/
Link to check Status of EIDL: https://disasterloan.sba.gov/ela/
Paycheck Protection Program: https://home.treasury.gov/system/files/136/PPP-Lender-Application-Form-Fillable.pdf
Paycheck Protection Program-Find Participating Lenders: https://www.sba.gov/paycheckprotection/find
Paycheck Protection Program-Interim Final Rule: https://content.sba.gov/sites/default/files/2020-04/PPP--IFRN%20FINAL.pdf Individuals can receive the EIDL and apply for the PPP. If PPP is approved, they can subtract the balance left and use it for the PPP…
For detailed information on SBA programs for the coronavirus, visit www.sba.gov/coronavirus and for information on all federal programs, visit www.usa.gov/coronavirus or www.gobierno.usa.gov/coronavirus (en Español).
For SBA Disaster Assistance’s “Economic Injury Disaster Loans- ADVANCE”
If the business has already applied for an Economic Injury Disaster Loan (EIDL) and they are interested in getting the ADVANCE, they need to submit another application. This new application is very relatively easy. They will check a box to indicate they want to apply for the ADVANCE. The ADVANCE is up to $10,000, ($1,000 for each employee up to a maximum of $10,000). The amount of the ADVANCE will be forgiven.
If the business is currently applying, they will answer a question at the end of the application to indicate if they are interested in applying for the ADVANCE and should simply check the box. The business will be considered for the Economic Injury Disaster Loan (EIDL) and the ADVANCE which is up to $10,000, ($1,000 for each employee up to a maximum of $10,000). The amount for the ADVANCE will be forgiven.
If individuals apply for the EIDL Program and are approved, then apply for the PPP, they will have to add the amount of the EIDL into the PPP Loan and subtract the amount of the Advance (which will be a grant).
