I have a client who was looking for guidance on how to tackle the SBA assistance programs PPP and EIDL for his situation.
He is an independent contractor as his main source of income, and he has been sidelined with the coronavirus. With no income coming in he is a perfect candidate for the PPP. The PPP loans are to assist with payroll or earnings.
Then there are the rental units, which are a growing side hustle for the client. These are the retirement funding plan for the two of them. But there is concern about the reliability of income in these uncertain times. An EIDL loan ensuring a reliable cash flow would make sure that they survive the crisis.
PPP is required to go through an approved SBA vendor, most likely your bank. But for EIDL you need to go to the SBA website and apply online. The client is not necessarily looking for the Grant as much as the loan.
Multiple client have applied for both, none have been funded yet. Which is frustrating since I have heard of others being funded, and the cash was to come quickly.