Can I Apply For Both Eidl And PPP?

How much money is left in the PPP program as of today?

There’s about $130 billion left in the PPP pot..

Who can apply for PPP loans?

Generally, a business is eligible for a PPP loan if it:has 500 or fewer employees (including full-time, part-time and temporary employees) whose principal place of residence is in the United States;has a place of business in the United States; and.More items…•

Can you still apply for PPP loan?

The deadline for applying for a Paycheck Protection Program (PPP) loan was extended until August 8th, but not every small business that qualifies has applied yet.

When should I apply for PPP forgiveness?

Borrowers may submit a loan forgiveness application any time before the maturity date of the loan, which is either two or five years from loan origination.

Can I get both PPP and Eidl?

The SBA has two loan programs to help small businesses impacted by COVID-19: Economic Injury Disaster Loans (EIDL) and the Paycheck Protection Program (PPP). If your business is eligible, you can get both loans, using the funds simultaneously, as long as the use of funds are not the same.

Does Eidl reduce PPP?

The EIDL Grant funds can be used for maintaining payroll, providing sick leave to employees, rent or mortgages payments, and paying other obligations that cannot be paid due to lost revenue. The EIDL Grant amount will reduce the amount of any loan forgiveness on a PPP loan also obtained by a borrower.

Should I apply for Eidl or PPP?

How do I take advantage of both loans? Since the PPP and EIDL cannot be used towards the same expenses, the best practice is to use the PPP for any payroll expenses and the EIDL for all other working capital. This will ensure that you can get the PPP forgiven while still covering your business expenses.

How long do you have to apply for PPP forgiveness?

Thus, under the PPPFA, taxpayers will generally have 10 months from the last day of the covered period (24 weeks from the date of loan disbursement) to file their loan forgiveness application before suffering repercussions.

What happens if you get PPP and Eidl?

The advance can be used for maintaining payroll, proving sick leave to employees, rent or mortgage payments, and other obligations. If you receive an EIDL advance and a PPP loan, proceeds from the advance will be deducted from the loan forgiveness amount.

Can I get PPP and unemployment?

Can I apply for a PPP loan if I am receiving unemployment assistance? Yes, but proceed with caution. There is no restriction on receiving both benefits, but you cannot use the PPP loan to cover your own compensation while at the same time receiving unemployment benefits.

Will PPP be forgiven?

Forgiveness for self-employed individuals You are eligible to claim 2.5 months’ worth of your 2019 net profit to replace pay. If you didn’t have any other payroll expenses factoring into your PPP loan amount, this means that your entire PPP loan could be forgiven for the 24-week period.