Can I Collect SBA PPP and PUA at the Same Time? No! Do NOT Collect Unemployment and PPP at the Same Time
No, you should not collect PUA and PPP at the same time. However, you may be able to collect both. Watch the video and I explain one option to consider when deciding if you want to collect unemployment and the paycheck protection program.
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Can I apply for a PPP loan if I am receiving unemployment assistance?
Yes, but proceed with caution. There is no restriction on receiving both benefits, but as a general rule you should not use your PPP loan to cover your own compensation while at the same time receiving unemployment benefits. If you are receiving unemployment benefits, you can use your PPP loan for other business expenses, such as other employees’ compensation, rent, mortgage interest, utilities, operating costs, property damage costs, and supplier costs. But remember, at least 60% of the forgiven loan amount must be used for payroll costs; if you use all or most of your loan for non-payroll expenses, the forgivable amount may be low.
Can You Get Both Unemployment and the PPP?
You can take advantage of both unemployment benefits through the PUA and funding through the Paycheck Protection Program, but not at the same time. As the PPP’s name implies, the program was designed to keep workers employed. If you receive a PPP loan, you will need to report the money you receive from the PPP as income to your state’s unemployment agency. That will likely render you ineligible for unemployment. Once you spend your PPP, you could go back on unemployment if your business still isn’t open.