You can receive assistance through both the EIDL Program and the PPP Loan program for financial hardships caused by the coronavirus pandemic, but you must use the funds for different purposes. For example, if you are using PPP funds to cover utilities and rental expenses, funding received through EIDL must be used for other expenses, such as payroll or other business expenses.
We can help your business navigate through the SBA economic injury disaster loans available that could help you with working capital to help you get through prolonged but temporary losses in revenue. The SBA also has a debt relief program where the SBA will pay the principal and interest for a period of six months of new 7(a) loans issued prior to September 27, 2020.