Below is a some synthesis of the Federal disaster relief options available. We get a lot of emails from a lot of very smart people, read a lot ourselves and are passing that info along to you, dear reader. That said, there's a lot we all still don't know! Your friendly neighborhood business consultants, accountants, and lawyers are all doing a lot of texting and chatting behind the scenes trying to figure this all out. — Team Wanderwell
Speaking of which, have the best accountant named John Sullivan. Much of this info is directly from him (particularly the info on PPP).
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COVID- 19 - Financial Relief Resources
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Update 4/17 As of yesterday, funding has dried up for relief loans that are being funneled through the SBA. Congress has been battling over additional funding bills, and it is expected that additional funding will be passed for small business relief.
EIDL advances have been landing in accounts this past week, and PPP loans have been closed. From what we can gather, PPP loans that were in process (meaning, your bank signaled to the SBA that they had a loan in process for $x amount), those will still be processed and funds allocated. However, different banks are communicating differently; you can try asking (if you haven't received clear info) whether there is an SBA Loan number on your application yet. There are some banks where this is happening internally prior to communication around application acceptance, and it's a signal that the funds for your loan have probably been reserved. Call your banker!
For EIDL advances, from what we're seeing, if you receive an "Dear Applicant" update email from the SBA, EIDL advances are landing in bank accounts within a few days after.
If you haven't applied for PPP funding, you'll need to keep an eye on the news for the next round of funding to clear in Congress, and then some banks may open applications up again — I think it will likely depend on the queue that already have.