Assuming you are closed, you want your employees to be on unemployment as long as possible before beginning the loan, ideally the day you reopen and need them to work again. The problem is that there is a finite $350 billion available and once it runs out there is no guarantee Congress will pass another bill to add More. So every day we wait to apply for the loan is an additional day we don’t have to pay payroll, but if we wait too long there is a chance it will be too late.
We spoke with our bank and they said it will be at least a week before things go live.