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COVID-19 Info

COVID 19 Related: Emergency Injury Disaster Loan (EIDL)

Posted by Ruchi Attal Posted on Apr 03 2020

 

Regarding the EIDL (Economic Injury Disaster Loan)

Loans are available for reasons other than payroll costs .

This allows for a emergency grants in the form of an immediate advance of up to $10K

Advance can reduce the amount forgiven by $10K if you also apply for PPP.

Loan is payable over 10 years at 3.75% interest rate.   

 

Resources: EIDL Application

Resources: Program Details

COVID-19 Related: Payroll Protection Program

Posted by Ruchi Attal Posted on Apr 02 2020

Regarding the PPP (Paycheck Protection Program)

Applications available starting on 4/3 for small businesses

Applications available starting on 4/10 for independent contractors (self-employed individual) [Note: you will need to work with an SBA lender]

You must have less than 500 employees and loans are calculated based on average monthly payroll x 2.5

Employee wages are capped at $100K for purposes of the loan calculation

Loan amounts used for payroll, utilities, mortgage interest and rent are forgiven

If there is a balance on the loan after the amount forgiven, the balance is payable over 2 years at 0.5% interest rate.

Resources: PPP Fact Sheet

Resources: Application Form