Question

SBA Disaster Loans

Asked a question 5 months ago

Thanks!!! Do you have any names please: Plan B is to quickly look for a community bank or credit union in your city that is doing well with PPP applications and being happy and willing to transfer your checking account to them in exchange for a PPP loan. Plan C is to apply with an authorized fintech lender.

Where am I?

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Are there any lenders taking PPP applications from non-customers? One of my customers banks with a credit union who is not accepting PPP loan applications.

Are single member LLC owners draws considered "payroll" for PPP?

I just wanted to confirm that you can only apply for Disaster Relief or PPP loan, but not both .

I have a client who recently applied (their application was submitted last Friday) for an Economic Injury Disaster Loan ... get routed into the PPP process?

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?

Can either the PPP or EIDL funds also be used for hiring new employees & vendors, or are funds limited to helping existing employees & vendors only?