We know you are facing challenging times in this current health crisis. Person CPA Group is here to answer all your questions about financial support available for everyone. Whether you are considering unemployment benefits, the SBA Economic Injury Disaster Loan (EIDL), or the Paycheck Protection Program (PPP), there are many options and we want to give you information about each of them to best suit your business.
The SBA has changed their process for applying for the Economic Injury Disaster Loan (EIDL). The first thing everyone needs to know who has already gone online to the SBA website to apply for this loan is that they need to visit www.SBA.gov/Disaster as soon as possible to fill out a new, streamlined application. There is now an opportunity to qualify for a $10,000 advance. To qualify for the Advance, you need to submit this new application even if you previously submitted an EIDL application. Applying for the Advance will not impact the status or slow your existing application. Self- employed people qualify for this loan
The Paycheck Protection Program provides small business and self-employed people with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities. This program is going live this week and will be a great source of funds for employers to pay wages. Several documents that explain the application requirements, process to apply, and the application itself, are available on our website. Click here to view and download these forms.
It is not a bad idea to apply for both loan programs. But remember, one is a non-forgivable loan and the other one can be forgivable if the proceeds of the loan are used for allowable expenses such as payroll.