Both loans could be taken. The stipulation is which you can’t utilize it for similar thing.
The main use of the PPP loan is for owner income replacement as independent contractors. You would not have the ability to use the EIDL Loan when it comes to thing that is same.
This means you should employ the funds for qualifying purposes except that just owner earnings replacement.
Something you must bear in mind: 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 actually eventually ends up making the $1,000 grant worthless. It actually becomes that loan, but paid back once again to your Paycheck Protection Program loan re payment.
I understand, it is strange. Welcome to the federal government.