Paycheck Protection Program (PPP) and Economic Injury Disaster Loan Program (EIDL)
To all of our valued small business clients:
Some important details are:
- All businesses should consider applying for both of these loans
- Immediately apply for the PPP by contacting your bank
- Immediately apply for the SBA’s EIDL which provides an emergency grant up to $10k here: EIDL Application
- The deadline is June 30, 2020, however we encourage you to apply for these programs right away as the funds are given out on a first come first serve basis
- The PPP and EIDL can be used together as long as the two loans are not used to fund the same costs
- Use the PPP to fund your payroll costs and the EIDL to cover business costs other than payroll
- Note: the PPP can also be used by sole proprietors and partnerships to pay the business owners
- Eligibility – all tax entities with < 500 employees including sole proprietors (independent contractors), partnerships, S-Corporations, and corporations are eligible
- For the PPP, no personal guarantee is required
- For the EIDL, no personal guarantee is required on loans < $200k
- Loans from the PPP may be fully forgiven when used for payroll costs, rent, etc.
- To be eligible for loan forgiveness, the business must maintain or quickly rehire employees and maintain salary level
Contact RW Wealth for help processing your application and gathering relevant information you may need to apply.