things. IOW if you get both, you cannot use the EIDL for payroll or the other fringe benefits included in PPP. Also if you get the $10,000 forgiveness from the EIDL, that amount will be deducted from whatever you get forgiven on the PPP.

As written in the bill it appears most likely the employer will cover the independent contractor in his loan, but this is one thing the banks are waiting on additional guidance for us my understanding.