Tony Vedda
In an effort to help clear up confusion around the CARES Act, more specifically the Paycheck Protection Program (PPP) and the SBA Economic Injury Disaster Loan (EIDL), the North Texas LGBT Chamber of Commerce encourages small business owners and nonprofits interested in applying for assistance to read the side-by-side comparison of these two programs done by the National Federation of Independent Business.
The chamber’s partners at JPMorgan Chase have also published a this FAQ on PPP.
Today (Friday, April 3) should be the first day you can apply for PPP, but banks are waiting on guidance from the government, chamber President and CEON Tony Vedda said. But, he added, “if you think PPP is the product for you, connect with your banker as soon as possible.”
He added, “Remember, money from PPP is based on payroll costs and ‘may’ be forgiven if certain requirements are met. EIDL is based on operating costs and has a re-payment period of ‘up to’ 30 years at a rate of 3.5 percent. Also, EIDL applicants may
“We have heard two different versions of the $10,000 loan advance, both from trusted SBA employees,” Vedda said. “We are going to play it safe and stick with ‘may’ be forgiven.”
Vedda encouraged those with questions to contact their accountant.
Vedda concluded, “Last, but not least, remember we are here for you. There is nothing more important to us than the continued success, health, and safety of our members and the LGBT business community. Let us know how we can help.”
— Tammye Nasn
