Both loans could be taken. The stipulation is for the same thing that you can't use it.
The main use of the PPP loan is for owner income replacement as independent contractors. You'lln't manage to make use of the EIDL Loan when it comes to same task.
To phrase it differently you should utilize the funds for qualifying purposes except that just owner earnings replacement.
Something you must remember: you get the $1,000 EIDL grant, $1,000 of your Paycheck Protection Program would not be forgiven if you receive both the Paycheck Protection Program loan and.
That basically ultimately ends up making the $1,000 grant worthless. It really becomes that loan, but paid returning to your Paycheck Protection Program loan re payment.
I understand, it really is strange. Thank you for visiting the federal government.
Should you make an application for the EIDL loan as a contractor that is independent Grubhub, Doordash, Postmates, Uber consumes, Lyft or any other people?
I cannot actually let you know.
The main point here is, you need to ask issue: had been your capability to make harmed by this pandemic?
For a lot of us when you look at the delivery globe, we have been making as part of your before. In the event that you felt it absolutely was safer to stay house, that could be a various tale. If perhaps you were in rideshare or other industry which was more impacted, you are in more need.
Within the final end that is a determination you must make. Keep in mind the best intent behind it is to greatly help those ability that is whose make had been impacted by the pandemic together with shutdown of this economy and all that entails.
Here is a couple of ideas we have actually:
You'll want to keep good documents of exactly exactly exactly how the money is used by you.
Get intent on dealing with your distribution act as a small business.