EIDL Loan advances will start to be distributed this week

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.

Stay up to date by checking our Resource Page often. And let us know how we can help you!