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My business has been affected.  Which loan should I choose?


You can apply for both, but you can't double dip on the amount forgiven.  The amount you don't pay back on the EIDL loan will reduce the amount forgiven on the PPP loan.

A Paycheck Protection Program loan allows you to borrow 2.5X your average monthly payroll, plus an extra 25% that you can spend on rent, mortgage and utilities.  The entire amount may be forgiven, but the fine print is important, so please review the details in the link below from the Treasury.

Additional Features of Payroll Protection Program

  1. Apply through your local bank.  Rapid funding should be available for approved applications.

  2. Much higher potential for tax-free loan forgiveness

  3. Available for self-employed

  4. You must continue to pay your employees (including you).  The monies are intended to fund your workforce in lieu of unemployment benefits.

SBA Economic Injury Disaster Loan will provide a loan with an initial $10,000 advance that does not need to be paid back.  It comes with fewer strings attached, but please review the fine print.

Are PPP and EIDL Loans my only options?  No.


There is a new Federal Employee Retention Credit for affected businesses, which gives employers up to $5,000 per retained employee through the end of the year.  This benefit is unavailable if you receive SBA loan forgiveness.  See more details below.

As a small business owner you may be able to collect unemployment through your state.  For Washington State, please click below.

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