Hey Small Business Owners...What are you doing to ride the storm out?

[kcclone]

Originally Posted by mililo4cpa

This is a major question I have: Does an approval on the SBA EIDL negate you from applying For or receiving PPP funding? Because if not, then don't stop the EIDL process, but if so, then a lot of people are going to withdraw their applications (and they should)

Reminder: You don't have to take the EIDL if approved. so why would I stop the EIDL loan application to apply For PPP assuming that you can take a "wait and see approach" with PPP. But if banks come back and say "Nope, you're approved for EIDL, use that", then there will be a lot of pissed off people. And worse yet, what if people withdraw their EIDL apps, then don't qualify or receive PPP funding????

Also, It would be very shitty if the SBA forgave loans for one type of loan, but not the other other, when essentially the loans are for the same thing. But at the same time, how does one know they will or will not actually receive either the PPP or EIDL?

This is why I think money doesn't start flowing for 2 months.....too many unanswered questions as of now.

I would agree with your timeframe for getting money. I filed the EIDL application and will withdraw if we get approved for PPP.

[mililo4cpa]

Originally Posted by kcclone

I would agree with your timeframe for getting money. I filed the EIDL application and will withdraw if we get approved for PPP.

I read a little earlier that you may be able to use PPP to refinance an existing EIDL loan....this may be the work-around for people to not have to withdraw the EIDL application. My guess is that EIDL funding will come sooner than PPP (pure speculation on my part), but this may give people the options they need (i.e. money in hand sooner without sacrificing the loan forgiveness aspect of PPP)