We recently posted about the Payroll Protection Program (PPP). Its predecessor, the Economic Injury Disaster Loan (EIDL), offers similar but perhaps broader benefits, in the form of a loan. They work hand in hand.
And the best news, EIDL Loan advances/distributions are expected to start this week!
Originally, announcements and guidance seemed to indicate that the first $10,000 would be treated as a grant. As it turns out, the grant is limited to $1,000 per employee up to $10,000 max. And whatever amount is granted will reduce the amount of loan forgiveness under the PPP.
Other Coronavirus relief options from the SBA are detailed here.