if i took advantage of the tax retention credit on my business can i still apply for a EIDl loan?
Whoever answers thanks in advance but please if you have a source to it would appreciate it
thanks
Yes, you can.
Section 2301(j) of the CARES Act states:
RULE FOR EMPLOYERS TAKING SMALL BUSINESS INTERRUPTION LOAN.— If an eligible employer receives a covered loan under paragraph (36) of section 7(a) of the Small Business Act (15 U.S.C. 636(a)), as added by
section 1102 of this Act, such employer shall not be eligible for the credit under this section.
Sec. 1102. Paycheck protection programSec. 1110. Emergency EIDL grants.As you can see only businesses taking Sec. 1102 (PPP) loans are restricted from taking ERTC.
Sec. 1110 (EIDL) is not included in the restriction.