Dear Clients and Friends,
Here is a good flowchart that helps to understand and differentiate the SBA loans available. Many business owners are focused on the PPP (Paycheck Protection Plan) loan, it is potentially much larger than the EIDL (Economic Injury Disaster Loan), capped at $10,000.
BUT, the EIDL (Economic Injury Disaster Loan) can be applied for online in about 10 minutes. Yes, if you also apply for PPP the EIDL will be taken into consideration when determining the amount of PPP offered to you. One doesn’t eliminate eligibility for the other however. This package is intended to get working capital into the hands of small business owners quickly, while other opportunities are pursued.
We encourage you to take a look.
The Team at VCPA
Document dated 4/6/2020