Cash is king, especially during the worst recession since the 1930s.
The hugely popular federal Paycheck Protection Program (PPP) that paid forgivable loans to millions of businesses ended on August 8.
PPP loans could return in revamped form if Congress passes a new stimulus bill.
But another source of relatively cheap money is available right now: the Economic Injury Disaster Loan (EIDL) program administered by the Small Business Administration (SBA).
You can apply for an EIDL even if you have already obtained a PPP loan. But you may not use an EIDL to pay the same payroll costs or other expenses you pay with a PPP loan.
If PPP loans were the lending equivalent of a Tesla, EIDLs are more like a Toyota Corolla: kind of boring and old-fashioned, but they’ll get you there. EIDLs have been around since 1953 to help businesses deal with economic losses caused by local disasters such as hurricanes, fires, and tornados.
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