The Small Business and the Payment Protection Plan Deadline Extension Explained by the Family Business Fund

President Biden recently signed the Payment Protection Plan (PPP) Extension Act, which extends the application deadline for this program to May 31, 2021. Determining whether or not the PPP loan or Economic Injury Disaster Loans (EIDL) is right for a small business can be difficult. Read on to discover what is the purpose of each loan and how companies can benefit from them.
PPP vs. EIDL
EIDLs are meant to help small businesses cover their operational expenses for six months, while the primary purpose of PPP loans is to cover eight weeks of payroll expenses. Both options are available for small businesses. (Use the Small Business Administration’s size standards tool to determine if a company is considered a small business.)
SBA Paycheck Protection Program Highlights
SBA Economic Injury Disaster Loans Highlights
For help navigating these options or alternative funding opportunities, please contact the Family Business Fund and discover how to get started on the road to continued success.
About Family Business Fund
The Family Business Fund was founded in 2018 to help ensure that small businesses have access to the resources needed to thrive. Founded by small business owners for small business owners, we provide alternative funding to small and mid-sized businesses in need. For more information, contact Douglas Muir at douglas@familybusinessfund.com or call (888) 884-6442 ext. 3.
Source: Family Business Fund