Dear business client,
You’ve probably heard about the new Paycheck Protection Program (PPP) loan and the expanded Economic Injury Disaster Loan (EIDL) in the news recently. Both loan programs, related to the economic fallout of the coronavirus pandemic, offer the possibility of direct government assistance without a requirement to pay it back! And both programs have limited funds they can pay out, so you need to act quickly! Application for an EIDL is currently open, while application for a PPP loan opens on April 3.
The EIDL includes a possible $10,000 grant, while the PPP loan includes the possibility of having some or all of the loan amount forgiven. Each loan has different eligibility requirements, loan limits, payment terms, etc. "Which one is a better fit for my situation?" "Can I do both?" "How would using these loans affect eligibility for payroll tax credits/deferral?"
All good questions. We can help you with the answers. We have knowledgeable professionals in each office ready to assist you with navigating your way through the options and completing an application. Please call our office and speak to one of the following professionals:
Boyden (712-725-2065) – Lindsey or Sandy
Orange City (712-737-2030) – Alicia, Graham, or Jana
Rock Valley (712-476-2725) – Brandon or Rachel
Van Bruggen & Vande Vegte, PC