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Applying

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Yes, borrowers can apply for both the PPP and EIDL, but funds from both cannot be used for the same reasons.

EIDL can be used to cover things such as: working capital and normal operating expenses, such as continuation of health care benefits, rent, utilities, and fixed debt payments.

Paycheck Protection Program loan proceeds must be used only for eligible payroll costs and certain eligible nonpayroll costs. The loan may be forgiven if all criteria are met and funds were used for eligible expenses. Keep receipts and contracts for all loan funds spent for 3 years.

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