Demystifying the CARES Act Webinar - April 3, 2020 CARES Act Webinar – BD 4.3.2020 | Page 33

PAYCHECK PROTECTION PROGRAM (PPP)
EIDL LOAN AND PPP LOAN:
If you received an SBA EIDL loan from
January 31, 2020 through April 3, 2020, you
can apply for a PPP loan. If your EIDL loan
was not used for payroll costs, it does not
affect your eligibility for a PPP loan. If
your EIDL loan was used for payroll costs,
your PPP loan must be used to refinance
your EIDL loan. Proceeds from any advance
up to $10,000 on the EIDL loan will be
deducted from the loan forgiveness amount
on the PPP loan.
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