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[Rick Braa] EIDL Grant and PPP Forgiveness
Acclaimed restaurant consultant Rick Braa hosted a webinar on the Paycheck Protection Program loans, providing guidance on how the loans work and how you can best spend the money. In part five of the series, he succinctly detailed the specific loans that are not subject to forgiveness under the PPP.
The most common grant, a $10,000 grant out of the Economic Injury Disaster Loan (EIDL) program, won’t be forgiven. If you got a $10,000 grant, you’re going to owe that, so be sure you are saving that. The other thing around PPP is that it accrues interest. You’re going to want to make sure you save some money to pay that back in a timely manner.
If you receive a grant from another source, such as a state or local government, and apply that funding to forgivable expenses, that won’t be forgiven. As Braa puts it: no double-dipping.