RUMORS – Friday, March 27, 2020 1:52PM

We are withholding some information because we simply cannot corroborate it and misinformation leads to confusion.  TRUST ME ON THIS!  In the words of Phil Collins, “Can’t you see this is a land of confusion?”

Here are some rumors circling that are important to the decisions you are making but for which we do not yet have good answers.

  • You must apply for the SBA EIDL 7(b) loan before 3/31/20 or you cannot apply for both it and the PPP 7(a) loan.  This is UNCONFIRMED.  But let’s just be safe and get the application submitted if you are eligible.
  • You cannot receive both the SBA EIDL 7(b) loan and the PPP 7(a) loan.  This is UNCONFIRMED.  Opinions are conflicting.  It seems you can, at least, roll the EIDL loan into the PPP loan resulting in the end with only the PPP loan remaining.

Some things we believe ARE confirmed.

  • If your practice was not open before 2020 you are not eligible for an SBA EIDL 7(b) loan.  PPP 7(a) loan eligibility is still available, and will be based on your average payroll for the period 1/1-2/29/20.