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
All thoughts and opinions shared here are for informational purposes and should not be taken as personalized tax or accounting advice. Every situation and circumstance should be analyzed independently by you and your CPA.