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Self-Employed / Small Business Disaster Relief ($10,000 grant)

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Reveal1

New Member
I may be mistaken, but you I believe you cannot do this and the PPP loan. Plus the Disaster Relief is not forgivable . Here's NFIB side by side comparison:
 

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LarryB

New Member
You can get the $10,000 EDL grant and also the PPP loan. Only drawback is the $10,000 EDL grant is not forgiveable and will need to be paid back.
 
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Reveal1

New Member
Texas_Signmaker said:
You don't have to pay back the $10,000
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A lot of confusion as you might expect with a govt. program. EIDL has 10,000 grant component which does not get paid back but the balance is a straight loan. I believe Larry B might be in error re; being able to do both EIDL and PPP. Best to check w/ your accountant.
 
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LarryB

New Member
Reveal1 said:
A lot of confusion as you might expect with a govt. program. EIDL has 10,000 grant component which does not get paid back but the balance is a straight loan. I believe Larry B might be in error re; being able to do both EIDL and PPP. Best to check w/ your accountant.
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I have watched many YouTube videos from CPA's and they all said if you get the $10K EDL grant and also get the PPP package that the $10K grant is not forgiveable
 
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bannertime

Active Member
LarryB said:
I have watched many YouTube videos from CPA's and they all said if you get the $10K EDL grant and also get the PPP package that the $10K grant is not forgiveable
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That makes sense to me. I couldn't figure out how you could classify a grant as unforgiveable. It's a grant, but if you're double dipping, then I think that would disqualify you from being qualified for the grant.
 
Texas_Signmaker

Texas_Signmaker

Very Active Signmaker
Well, the government hasn't clarified if you're allowed to do both yet. They should come out with that this week. If it's one or the other you need to pick which is right for you. Obviously if you have no employees then the disaster program is the right choice. If you have employees and payroll, the PPP is probably the right move.

Depending on what the interest rate is and terms on the amount over $10k, I might take them up on more $$ and move some higher interest debt around.
 
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unclebun

Active Member
The one that has the emergency $10,000 is a 30 year SBA emergency loan. You can borrow up to $2 million (if I remember right), but the emergency $10,000 is forgiven as long as it only goes towards the allowable things.

The Payroll Protection one can all be forgiven, but you can't get it as fast, and it takes a lot more figuring out to decide how much you can have. It's a 2 year loan that is forgivable as long as you rehire everyone and keep them all on payroll and don't spend the money on disallowed things.
 
Signed Out

Signed Out

New Member
They need to be more clear on this. Monday the buzz was that you better get on sba.gov and fill out the application as they're going to run out of money. This app was for the EDIL and asked if you want to be considered for a $10K advance. This app also talked about the ppl but not very specifically (not like the app that is floating around now). So I submitted my app, got a confirmation number and it said there would be follow up emails. But I've gotten nothing since. Yesterday when I got the ppl application I got nervous that I might not be able to get it because I already submitted for the EDIL, and the PPL will work out much mbetter for us. Spoke with my bank today, they don't think it will be a problem? Hopefully not. Got all my paperwork ready to file tomorrow.
 
dypinc

dypinc

New Member
Signed Out said:
Just submitted the PPP application. And still haven't heard anything back from the earlier EDIL app.
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Same here on the EDIL.

Anybody figure out how this effects the payroll tax suspension. How is the payroll tax suspension done as the EFTPS site say nothing about it and it will not let you set the settlement date to 7/10/20 for example.
 
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