YES, you can apply for BOTH! Aside from disclosing that you’ve already applied for a government loan, such as the SBA EIDL loan, you simply have to earmark and use the monies from each loan for DIFFERENT purposes to qualify for LOAN FORGIVENESS!
For instance, use the SBA EIDL Loan for Payroll expenses and the CARES Act loan for other fixed expenses! That way there is no crossover, and you’ll be eligible for BOTH (document everything)!
- LEARN MORE / APPLY for a SBA EIDL loan – https://BiznisResource.com/Economic-Injury-Disaster-Loans-EIDL/
- LEARN MORE / APPLY for a CARES Act Loan – https://BiznisResource.com/CARES-Act-Payroll-Protection-Program/
Note: The rules have been changing daily with the CARES Act loan, so it’s still possible something could change. The worst case scenario is that the SBA EIDL loan could be converted into the even better / more favorable CARES Act loan!
Apply to BOTH, because the funds will soon run out! It IS possible for the government to extend the loans (add monies) later, but we don’t know if that will happen.
Need help? Don’t hesitate to ask. Biznis Resource has your back!
OTHER BUSINESS CAPITAL / FINANCE OPTIONS – CLICK HERE!
IMPORTANT TIPS: 1) Document all payroll costs, and 2) Create line items for each Covid-19-related expense (i.e., time spent on extra meetings, additional supplies purchased, increased cost of benefits. technology-related coping expenditures, etc.). Doing so will make it clean and easy to request / receive loan forgiveness and tax exemptions down the road!
The Consultation is FREE, so there’s absolutely no risk!
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