Can I get EIDL and PPP

Can I get an Economic Injury Disaster Loan (EIDL) and a Paycheck Protection Program Loan (PPP)?

  • You could have as long as the expenses covered in the PPP are not covered under the EIDL. For example, payroll expenses being the main expenses for PPP cannot be added to your expenses for the EDIL loan.
  • BUT to make things clear, since last month the EIDL loan is NO longer available for businesses other than Agricultural.
  • (Colorado, South Dakota and Texas have reopened their EIDL programs to non-farm businesses in certain counties affected by drought, flooding and adverse weather, respectively)
  • However, if you have already applied then you are OK until you get a decision on your loan
  • If you received some of the initial grant money which was based on several employees you have then you will be for giving that amount if they reject your application. If your application is accepted, then that amount will become part of the loan and will be subject to the loan terms
  • Refinance: you could refinance your EIDL into a PPP loan if you Obtained your loan between February 15 in April 3rd. In this case you can move it from a loan that you have to repay even though the interest rate is low, to a loan dead you can be forgiven up to 100%

The PPP is the loan that you can still apply for, until June 30, 2020

There is still funding in the program call my, but the deadline of June 30 now is the most important limitation that you mustconsider.So, if you R eligible for applying you should do so as soon as possible.

If you already appliedand you have not received communication or your loan was processed but you have not received the proceeds , you shouldquickly be contacting your bank or the financial institution that you applied for the loan with

PPP Requirements

Have payroll. OR you are a self-employed Income.

What’s Includedin the payroll:

  • Salary, wage, or similar compensation
  • Payment of cash tips or equivalent
  • Payment for vacation, parental, family, medical, or sick leave
  • Allowance for dismissal or separation
  • Payment required for the provisions of group health care benefits, including insurance premiums
  • Payment of any retirement benefit
  • Payment of State or local tax assessed on the compensation of employees
  • The sum of payments of any compensation or income that is a wage, commission, income, net earnings from self-employment, or similar compensation and that is in an amount that is not more than $100,000 in 1 year, as prorated for the covered period

What are the conditions to be a forgiven loan?


  • Spend 60% on payroll
  • Spend 40 on the rest of the categories (Rent, Utilities, Mortgage interest, and interest on loans)
  • You have until Dec 31 to rehire employees


  • $100,000 per employer
  • Owners and contractors are still capped at $15,385 within the 24 months period
  • Rehiring
  • FTE 40 hrs.
  • Each part time as their hours or a ½ full time (2 part time can equal full time)
  • You must comply with the headcount
  • The reductions
  • The payroll amounts
  • You can replace headcount
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