PPP & $10K+ EIDL Grant/Loan for Small Businesses

Most if not all SMB owners are aware of the PPP loan/grant thru the CARES act signed by President Trump. However not as many are aware of the help EIDL (which was expanded under the CARES act) can offer.


Of course always consult with a professional on such matters to check your eligibility and details. Note there is a $10k “advance” component that essentially is a grant and then the loan itself (thru the SBA direct not a bank) up to $2 million can be spread out up to 30 years at 3.75% fixed rate.

Consult with your CPA/advisor and check out this helpful link :

https://www.claconnect.com/resources/articles/2020/comparison-of-eidl-and-paycheck-protection-programs

I found this excerpt particularly interesting:

”  One important note is that the PPP and the EIDL program can be used together, as long as the loans are not used to fund the same costs. “

Of course always consult with a professional on such matters to check your eligibility.

https://www.claconnect.com/resources/articles/2020/comparison-of-eidl-and-paycheck-protection-programs

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