|
The PPP and the EIDL are not mutually exclusive. You can do both, you just can't use the EIDL money for payroll and still apply for PPP.
At the end of the year, if you keep a PPP loan, the EIDL can be rolled in. The interest for PPP is 0.5% but has to be paid back in 2 years. EIDL is 3.75% and the loan terms can be extended out to 30 years.
EIDL can be used for Accounts Payable, Purchase of Inventory, consolidating other business loans, etc. If you don't do PPP, it can also be used to pay payroll.
__________________
James
The pessimist complains about the wind; the optimist expects it to change; the engineer adjusts the sails.- William Arthur Ward (1921-1994)
Red-beard for President, 2020
|