thread Re: After receiving PPP, may I still apply for EIDL ?? in Archived Discussions (Read Only)

After receiving PPP, may I still apply for EIDL ??

waylonhorse123 — Mon, 11 May 2020 17:00:13 GMT

After receiving PPP, funding, can I still apply for EIDL ??

Re: After receiving PPP, may I still apply for EIDL ??

csinclair — Mon, 11 May 2020 17:09:27 GMT

Yes, you may apply for both. I did and received both, but I ended up returning the PPP funds. From my understanding, if you receive an EIDL advance, those funds will count against your PPP forgiveness. In other words, if you get a PPP loan for $20,000 and an EIDL for $10,000 then that $10,000 is not forgivable with the PPP. It would just become a loan. Granted, the interest is the lowest you'll find anywhere. If you are applying for an actual EIDL loan, and not the emergency advance capped at $1,000 per employee, then I am not sure. The EIDL emergency advance is 100% forgivable on its own.

Re: After receiving PPP, may I still apply for EIDL ??

Ejones114 — Mon, 11 May 2020 17:37:37 GMT

How did you go about returning your ppp loan?

Re: After receiving PPP, may I still apply for EIDL ??

csinclair — Mon, 11 May 2020 18:03:11 GMT

You have to return it through your bank or Square, whoever originally helped you apply for it. I believe the forgiveness date is now May 14th. The PPP just wasn't a good fit for my business, and I did not feel I needed to take out a loan to continue operating after the stay-at-home orders were lifted.

Re: After receiving PPP, may I still apply for EIDL ??

Alex_ — Tue, 12 May 2020 17:57:59 GMT

Thanks for jumping in to help answer this @csinclair, much appreciated!