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I’ll come back and update this as I can. Currently in between home schooling three kids 😳
We applied for the Paycheck Protection Program (PPP) and EIDL (Emergency Income Disaster Loan). I’m not going to go into detail about what each of these are as there is plenty of info already out there. I will give you these key points:
- The PPP gives you 2.5x your monthly payroll to any US based employees that you pay a W2 or 1099. So, if your average monthly payroll is $2,500, you can apply for a $6,250 loan. This loan can be forgiven.
- The EIDL gives you an additional loan that goes beyond your payroll costs. This loan is not meant to be forgiven but will be at a “low” interest rate TBA.
We applied on April 2nd or 3rd… which ever day the loan application was made available via Bank of America. We didn’t receive a confirmation email, but on Sunday we got an email inviting us to sign into IntraLink.
Using IntraLink we basically filled out the same application again… but I had to download the PDF and then upload the PDF back into IntraLink.
I have attached the documents that were available via IntraLink.
Notes about us and our bank relationship:
- We are a registered S Corp.
- Bank of America is our primary bank, so 80% of all transactions run through here
- We have a Business checking, savings & credit cards