Economic injury disaster loans are back, now any small business with less than 500 employees can qualify
after sharp criticism from businesses, a PPP loan recipient still has to fill out an application proving how the funds were used. Even though the SBA announced this week a new “EZ Forgiveness Application” intended to streamline the process, an EIDL Advance doesn’t have any post-disbursement requirement, which could make it more appealing to some.
As of June 1, more than $90 billion in EIDL loans have been approved and more than $10 billion in EIDL Advances have been disbursed. Although there are a number of programs that provide financial assistance to small businesses, it can be dizzying to keep up-to-date on the most recent rules and guidelines. Here are some things to keep in mind if you haven’t yet applied for any assistance:and an EIDL loan and be approved for both as long as the funds are used for different purposes.
PPP loans can be up to $10 million, EIDL loans are reportedly capped due to demand at $150,000 or less, according to several reports. The SBA website, however, lists the maximum loan amount at $2 million. Know that if you do receive an EIDL Advance and you’re also approved for the PPP, the amount of the EIDL Advance will be deducted from any loan forgiveness amount on your PPP.
You have until Dec. 31 to apply for an EIDL loan under the expanded criteria put in place due to the pandemic. The last day to apply for the PPP is June 30.
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