For those interested in the Economic Injury Disaster Loan (EIDL) (as opposed to the Paycheck Protection Loan (PPL) Program with forgiveness), the streamlined application is out. Find it here: https://covid19relief.sba.gov/#/.

You will recall the EDIL offers SBA loans up to $2 million for disaster relief. $10 billion is appropriated for this program. Applicants for EIDL due to COVID-19 can get an emergency $10k grant within 3 days of applying for the EIDL. EIDLs can be refinanced with a PPL, but in that case the $10k grant is subtracted from the PPL loan forgiveness. Other than, possibly, the $10,000 loan advance, the EIDL does not have a forgiveness provision.

We have assembled a team of attorneys to assist you if you need help with the application. The attorneys in Forchelli Deegan Terrana LLP’s Employment & Labor practice group will continue to keep you updated on any changes to your requirements as an employer as updates become available. Should you have any questions, or wish us to assist you with the loan application, do not hesitate to contact me at the below contact information.

Battling the novel coronavirus is difficult for everyone. We are here if you need us. With best wishes for your, and your family’s health and safety.

Gregory S. Lisi
Partner-in-Charge, Employment & Labor practice group
GLisi@Forchellilaw.com | 516.248.1700