EIDL vs. PPP
On March 27, 2020 President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (CARES), a nearly $2 trillion relief package for financial assistance for Americans, small businesses and employers, and health care workers and patients. Included in the legislation were provisions for $349 billion in Small Business Administration (SBA Loans for, with certain exceptions, businesses with under 500 employees. There are currently two types of loans available to businesses: Economic Injury Disaster Loans (EIDL) and Paycheck Protection Loans (PPP). Here are some important things small businesses should know before applying for a loan.