We’ve put together a summary comparison of the two SBA sponsored loan programs that were authorized by the CARES Act.
Please click the button below to see the comparison.
If you apply for the EIDL loan, businesses can get a $10,000 cash advance grant. The cash advance does not have to be repaid if spent on “maintaining payroll and other operating expenses.”
The current timeline suggests that business owners would have access to cash advance funds within three days of a successful application. If a PPP loan is also taken, the $10,000 cash advance grant would be applied to reduce loan forgiveness under the PPP loan program.
RotenbergMeril has a put together a Covid-19 Response Group to help clients deal with the financial and tax aspects of government relief during the pandemic.
Please see our web page at http://www.rmsbg.com/covid-19, which will be updated with information to assist our clients during this crises.