Updated SBA Interpretation Bulletin
UPDATE: There are plenty of rumors going around at the moment. I have passed all these issues onto the Houston SBA office and found the truth:
- MYTH: You cannot apply for both the Payroll Protection Program (PPP) loan and the Economic Injury Disaster Loan (EIDL) loan
- You can definitely apply for both
- MYTH: You are required to apply for a Payroll Protection Program (PPP) loan at the bank you use for business purposes
- You can apply at any bank that will accept your application
- TRUTH: Many banks are ONLY accepting from their customers
- TRUTH: The disaster loans are not guaranteeing $10,000 grants
- The disaster loans will advance you up to $750-$1,000 per employee you had on the payroll on 1/31/2020
- TRUTH: The SBA disaster loan program is running behind and is not meeting their goal of advancing funds within 3 days of disaster of the date of applying for the Economic Injury Disaster Loan (EIDL)
- In fact, several people applied on Monday, March 30th and have not received anything as of this time
- The SBA is extremely busy and are working as fast as they can.
