How To Get The PPP and the EIDL To Work For You
The SBA has two loan options for small businesses who have been adversely affected by the COVID Pandemic-the PPP, Paycheck Protection Program and the EIDL, Economic Injury Disaster Loan. It is important to understand and note the differences, how they can each be utilized, as well as their specific forgiveness terms.
Here is a snapshot of how each of these disaster relief loans may be used:
The PPP Loan
- Payroll or Employee Benefits (No less than 60%)
- Operations Expenditures
- Unmet Financial Obligations
Note: It is crucial to keep good records of the use of the PPP and if allocated properly it increases the eligibility for partial or entire PPP forgiveness.
The EIDL Loan
- Employee Healthcare
- Fixed debt payments
- Lost Business Assets
At MJ Tax Services we understand that the requirements and regulations regarding the PPP and The EIDL can be overwhelming to understand and navigate. We not only offer assistance in evaluating your eligibility for these loans but we also offer the accountability and guidance you may need to ensure debt forgiveness and and the best possible outcome for the stabilization and potential re-growth of your small business through the use of these economic relief loans.