EIDL Advance Explained and How it Interacts with PPP
Covid-19 related EIDL loans include a $10,000 FORGIVABLE ADVANCE, which you MUST request in the APPLICATION PROCESS
EIDL dollars can be used to cover ANY business expense that can't be made because of COVID-19 (vs the PPP has more restrictions on what funds can be used for)
You must qualify as a small business by number of employees (less than 500) or annual receipts.
Maximum loan is $2 million with exact amount based on economic injury suffered.
The normal EIDL application has been streamlined and should take about 2 hours.
The SBA says your $10,000 loan advance should come in 3 days
Apply here:
https://covid19relief.sba.gov/#/
You can have both a PPP and an EIDL, just do not use both funds for the same expense! Example: do not use both funds to pay for payroll.