Your banks may have been required to inform you, or have been helpfully informing you, of an SBA loan product called an Economic Injury Disaster loan (EID).  This is normally a great option in times of economic crisis and we are not opposed to this type of loan option under normal circumstances.  BUT RIGHT NOW PLEASE WAIT.  Phase 3 of the COVID-19 relief which is expected to be passed imminently is expected to have a different SBA provision that will allow you to obtain a loan to cover your payroll and some other costs (rumored as rent and loans) which, if used for that purpose, CAN BE FORGIVEN after some time period.  The EID program does not have that provision.  The big difference?  The EID loan must be paid back and the Phase 3 loan to some degree will not (again, not a sure thing but very likely).  If you obtain and use EID money for your payroll, etc, it cannot be forgiven even if you also obtain a Phase 3 loan.  Also note that the Phase 3 provisions are expected to be retroactive to 3/2 (again, not a sure thing but likely).  We are certain your bankers are acting in good faith to help you through this crisis and relieve your anxiety by providing solutions.  But PLEASE BE PATIENT.  ACCEPTING AND USING THAT LOAN COULD COST YOU $$$$.  At the most, it would be ok to begin the application process to have that loan as a backup plan, but don’t close the loan until we learn more about Phase 3.  WE PROMISE TO KEEP YOU UPDATED.