I have a used car dealership. What do I need to apply for the loans?

Joanne asked 5 months ago
1 Answer
Andrea Staff replied 5 months ago
Hi Joanne,
It depends on how your business is structured and how many employees you have. The SBA loans are designed for small businesses with 500 employees or less.

We have put together this article that describes the differences between the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan: https://www.zenefits.com/workest/paycheck-protection-program-vs-disaster-loan-which-one-is-right-for-my-smb/

As of April 23, both programs are out of funding, but Congress has passed a new bill to replenish funds.

You can apply for the EIDL loan through the SBA (note the application portal is closed until more funding arrives): https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance

You can go to your local lender or where you bank for information about the PPP loan application process.