I think I need a PPP/EIDL for dummies. Can't wrap my head around this.
1. Would it be better for a SE to go for a PPP or EIDL, or is there ultimately no difference?
2. Let's say for example you made 50k on your schedule C. Your PPP Loan will be $10,416. Now how does the loan forgiveness work? You have no mortgage/utilites etc; for this business, so the most you can claim is 8 weeks of your past years salary for payroll, which will be $8,333?
3. Is there any qualification needed to claim forgiveness? if your bringing home the same salary as last year, does that mean you just netted an additional $8,333?