Thank you to Farris Bobango Law Firm for providing us with these pdfs (PPP Overview Chart and Loan Forgiveness Chart). Please click (PPP Overview Chart and Loan Forgiveness Chart) which walks you through the details of the program. Their pdf has a much more thorough explanation than the blurbs below.
Can I apply for paycheck protection and an SBA disaster loan?
Yes, you can. However, you can’t apply for an SBA disaster loan for the same purpose as the Paycheck Protection Program. That being said, when you apply for the SBA disaster loan, you can also request a $10,000 emergency grant, interest-free. If approved, the SBA will provide the grant within three days.
What can I use the funds for?
You must acknowledge that the funds will be used to retain workers and maintain payroll or make mortgage payments, lease payments, and utility payments. Funds you use for other purposes will not be eligible for forgiveness.
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