This article was originally published on March 30th and is being updated as new information becomes available.
On Friday, March 27, the President signed and enacted into law the Federal stimulus bill in response to the COVID-19 virus, known as the CARES Act. Many key provisions in the Act benefit small businesses and nonprofit agencies, including the small business loan programs administered through the U.S. Small Business Administration (SBA), like the Economic Injury Disaster Loan (EIDL) Program, and those directly administered through the CARES Act. known as the Paycheck Protection Program (P3). We created a comparison of these programs.
Here is a comparison of the programs. (Click here to open as a PDF.)
Please note: The guidance provided is the interpretation of the legislation by Blue & Co. and, ultimately, the implementation and application processes for programs, including the EIDL and P3, are still being finalized by lending institutions at the guidance of the Federal government and the SBA. While it is expected for this process to take some time for institutions to implement, funding is currently limited, and it is advised that you contact your lending institution as soon as possible to determine applicability and the application process as funds are limited.
Other resources:
- Updates on the Paycheck Protection Program (PPP or P3)
- PPP Loan Forgiveness Application
- PPP Loan Forgiveness Considerations for Not-For-Profits
We are working diligently with our clients to educate them. If you would like to discuss matters further, you can contact your Blue & Co. advisor, but please be advised it is recommended you reach out to your lending institution to begin this process. Additional information will be shared as it becomes available.