Loan Approval Process
In terms of approval process, I have heard estimates of 1 week approvals and funding for Paycheck Protection Program loans and 3 to 4 weeks for Economic Injury Disaster Loans.
My recommendation, if you can afford to wait on funding for a few weeks, is to apply for the Economic Injury Disaster Loan. Because this loan provides more working capital versus 2.5 months of payroll for the Paycheck Protection Program.
The truth is no one knows how long this crisis will last. Salon and spa owners would be better off having more working capital to ride this out, then to run out of cash while their salon or spa is forced to be closed by the government due to Coronavirus.