Was waiting for this! I have a couple of questions.
PPP can be used for rent up to 40%. How does that work with this? Can this cover rent above what is covered by PPP?
EIDL requires that other benefits be used to repay the loan. Is this included?
I'd say it can't be used to cover rent above what is covered by PPP, but it does seem that you are eligible for this if you didn't use PPP for rent at all. (The term used is
If prior assistance could not be utilized for lease payments- it's not clear if this means that it wasn't utilized for this purpose, or it couldn't be utilized for this purpose. I'm of the opinion that it's the first, because there was no federal program designated for anything that excluded rent as an eligible expense). Since PPP forgiveness applications have not been submitted yet, it's still possible to change course and not assign any funds for rent purposes.
No. You're not actually getting these funds. It's going straight to your landlord.
If you're the landlord this will be in lieu of regular rent payments and not something above and beyond that.