Last Updated 4/1/2020
 

All affected businesses with under 500 employees will be eligible for the below programs:

Coronavirus Aid, Relief, and Economic Security (CARES) Act

CARES Act Summary (updated 4/9/20): Click here

PPP Overview: Click here

PPP Borrower Fact Sheet: Click here 

PPP Lender Information Fact Sheet: Click here

PPP Application: Click here

Paycheck protection loans are =2.5X payroll and certain benefits (Starts on page 2 of the CARES Act summary above). The payroll protection loans can be forgiven if a business uses the funds to pay their employees and meet certain employment thresholds in the coming months (essentially full employment when compared to the prior year). Our understanding is this will be a rather quick process, but banks will not be ready until mid-April. We suggest you contact them now to make an appointment and start to gather to necessary documents. Here is our list of what banks may require.

Economic Injury Disaster Loan Program

EIDL Summary: Click here
 
The SBA disaster loans (EIDL summary above) are up to $2M. Our understanding is the first portion of the loan (up to $500,000) is based on 50% of annual gross profit. You apply and provide access to taxes and financial information of both the business and owners (those over 20%). You do not request an amount of the loan. You provide the information they ask for, and they contact you with questions, approval, and communicate what your level of eligibility is. Our understanding is this will be 3 week process - potentially longer. You can apply here.

There is a loan advance option for $10,000 that comes within 3 days of applying and “will not have to be repaid.” We are not currently aware of any stipulations, but suspect that it may be tied to payroll, rent, and utilities since it is part of the SBA loan program. More information is available here.

 
Per the duplication answer (pages 4-5), you can get both loans, but you simply cannot use them for the same purpose. Other grants and assistance programs are available from too many sources to keep track of. Depending on need, our recommendation is to try as many avenues as possible, understanding each will require non-duplication of use of funds.

As we receive further clarification, we will update this post.