**Update - 6/15/20 - SBA has resumed accepting applications Program ended
12/31/2020 **Update - 4/16/20 - EIDL funds have been depleted. SBA is no longer accepting
12/27/20 - The latest CARES Act has rescinded the regulation regarding deducting the EIDL advances from the PPP forgiveness loan amounts. For loans already forgiven, the advance deduction will be returned to the borrower.
04/14/2020 - SBA finally makes clear that the $10,000 advance will be based on the businesses pre-disaster (1/31/20) employee headcount. They will award $1,000 per employee up to 10.
Any EIDL advance awarded to a business will be deducted from the forgivable portion of a PPP loan if both are applied for and received.
Disclaimer: This is for informational purposes only. Check with your accountant and/or banker for advice before proceeding with any business decisions related to the information posted here.