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

[waylonhorse123]

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

[csinclair]

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.

[Ejones114]

How did you go about returning your ppp loan?

[csinclair]

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.

[Alex_]

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