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?
Is the $10k EIDL payment a grant or a loan? Under what circumstances must it be paid back? I am single member LLC with ... to understand each program separately.)
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?