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CARES Act FAQ
Can I pay for education using either of these loans?
Can I use PPP/EIDL for loss of rent?
Can I use it for loss of time on construction and/or houses not selling on the market?
Can I file for PPP/EIDL on multiple businesses?
Can I use Unemployment and PPP/EIDL together?
Can I use EIDL/PPP proceeds to pay myself?
Can I use those funds to pay myself and not hire back my employees?
If I have multiple business interests, can I apply under both businesses?
In calculating the amount of money you are owed, you do not include rent, utilities, debt service and so on. That was removed in the final version of the Senate bill. The payroll cost is carefully defined at the beginning of the legislation and includes compensation paid in any form to individuals who work for you as well as yourself. It does NOT include rent, utilities, debt service, etc.
What if I don't pay myself a salary?
What if I pay for car leases and other equipment that was in place before February 15, 2020?
Can you give me any additional guidance on what bank I should select to apply for these loans?
I'm retired and all of my income comes from rentals and notes owned in my IRA and Roth. Much of that money is going to be interrupted. Is there anything in the CARES Act for me?
Rehabs: More than 50% into 2 rehabs with hard money and private money loans, some due starting in August through October. Will EIDL cover paying off these loans or only more conventional lending? t that was in place before February 15, 2020?
Two LLCs, one with rental and other has a flip in progress that's on hold. Holding costs keep building. What help is there?
EIDL advanced grant and 25% of PPP can be used for rentals or mortgage interest. I own a service business 9S-Corp) that pays rent to another LLC that owns the building. I own the building through that different LLC. If I am applying to the loan with my business, what should I report to get some of the loan forgiveness, rents or mortgage interest?