Yes, PPP would either refinance the EIDL.. or you may be given a smaller PPP loan based on funds used for the similar purpose
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In Multifunding SBA CoronaVirus Support you can ask and answer questions and share your experience with others!
If I’ve received both PPP and EIDL, can I use funds from EIDL for payroll AFTER I’ve depleted funds from PPP over the 8 week period.
If I was in business in 2019 but only started payroll in 2020, can I use the 2020 payroll to calculate the average monthly payroll for EIDL and PPP application?
For PPP: As a single member LLC (with no employees) taxed as Sole Prop. Can I pay myself with an owner's draw (NOT as a ... as a forgivable "payroll" expense?
Ami - You answered that you cannot use PPP to pay down an existing line of credit. How about using EIDL funds to pay down an existing line of credit?
If awarded a PPA loan would you also be able to use EIDL proceeds to cover the payroll costs above $100k/individual that are not covered by the PPP loan?