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People also ask
What is the difference between EIDL and PPP?
鈥淭he main difference between EIDL and PPP is EIDL operates like a normal loan 鈥?you [have] to pay it back,鈥?said Bradley. 鈥淭he [great benefit of the] PPP program 鈥?is that, while it was a loan, if you use the proceeds from the loan for certain qualifying expenses, namely, retaining your employees, you could have the loan forgiven.鈥?/div>PPP, EIDL and Loan Forgiveness: What You Need To Know
Can I get a business loan through the PPP or EIDL?
Yes, you can apply for and get a business loan through both the EIDL and PPP loan programs鈥昩ut you can鈥檛 use the loan proceeds for the same purpose. So if you鈥檙e using the PPP loan proceeds for payroll, for example, you鈥檒l need to use your EIDL proceeds on something else (like operating expenses).
Does the EIDL advance reduce my PPP forgiveness amount?
The EIDL advance does not reduce your PPP forgiveness amount. Staying on top of your bookkeeping is essential for both loan programs. Not only will it help you stay on top of what you鈥檙e using the funds for, but there are recordkeeping requirements for both loans.
Can I use my EIDL for payroll expenses?
If the EIDL was not used for payroll costs, it doesn鈥檛 have any impact on your PPP loan. However, if you took out an EIDL before April 3, 2020, and used it for payroll expenses, you must refinance the EIDL by carrying over the EIDL balance into your PPP loan. Let鈥檚 look at an example of how that works.