Since both programs have a limited amount of funding, applying sooner is also important in case their allocated funding is fully used, like it was in the first round.Ĭurrently, the EIDL application is accessible here, and can be submitted directly on the SBA website. “We encourage you to apply as quickly as you can because there is a funding cap” reads a statement from the Treasury Department. The stimulus’s $349 billion program to pay workers at struggling small businesses, explainedĮxperts tell Vox that it’s possible for businesses and nonprofits to apply to both - and that they should do so fast if they haven’t already. The rest of the EIDL loan, which could go up to $2 million, is not forgivable but can be more flexible than PPP in the types of expenses it covers. Businesses that receive this do not need to pay it back. ![]() The second is the Economic Injury Disaster Loan Program (EIDL), which includes a grant that caps out at $10,000. Seventy-five percent of this money needs to be spent on payroll for the loan to be entirely forgiven. The first of these two programs is the Paycheck Protection Program (PPP), which enables organizations to obtain up to $10 million in loans that are 100 percent forgivable if they do not lay off any employees or if they rehire employees they’ve already laid off. (These Small Business Administration programs also apply to nonprofits that meet the necessary size requirements.) ![]() ![]() The funds in the recent legislation are divided among two small-business programs that offer forgivable grants and loans. Figuring out how to access this money, however, can be somewhat confusing. These funds are in addition to the $377 billion that lawmakers had previously approved in the CARES Act. There’s a significant amount of money - $370 billion - allocated to support small businesses in a new bill that Congress passed this week.
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