The $2 trillion CARES act signed into law last week is the largest emergency aid package the U.S. has ever passed, and it contains many provisions that could help small businesses – whether you have 500 employees or are a single distributor working as an independent contractor. There are a lot of moving parts to the legislation, and more information is being released daily. But the Small Business Administration is already taking applications for Economic Injury Disaster Loans (EIDL), and applications for the Paycheck Protection Program (PPP) loans open up at SBA-approved lenders on Friday, April 3, so it’s a good idea to be ready to go. We checked in with a few finance experts to get their best advice for navigating the various loan and grant programs associated with the CARES act.

For businesses that need money fast, the best bet might be an EIDL loan, which has a low fixed rate and long-term repayment schedule. As part of the CARES act, businesses directly affected by COVID-19 can get emergency grants of up to $10,000 to help cover payroll costs. The grant check should be issued within three days of applying. “That’s the fastest money that’s available,” says Gerri Detweiler, a credit expert and head of market education at Nav, a business lending marketplace. As long as you have expenses and meet the criteria, she adds, “There’s no reason not to apply. This is a program designed to help you get through the next few weeks.”

Businesses can get up to $2 million from the SBA with an EIDL loan. However, “You don’t have to take the entire amount you’re approved for,” Detweiler says. “You can just take the $10,000 and not take the rest.”

If you applied for an EIDL before Monday, March 31, you need to reapply if you want to receive a grant, according to Detweiler. “That’s the only way to put your bank account information in to get the $10,000,” she adds. “As dreadful as that may sound, you should definitely do that.”

The application itself is a bit confusing, Detweiler notes, because it was designed more for physical disasters, not economic disasters. It might be worth seeking assistance from SCORE, your local chamber of commerce or another business advisory resource.

PPP loans offer a much larger pot of money to struggling businesses, all of which could potentially be forgiven. You can apply for both programs, but you can’t double-dip, Detweiler says. If you get the $10,000 grant, it would be deducted from the amount that could be forgiven under the PPP loan. Though these loans are guaranteed by the SBA, they’ll be issued by banks and other lending institutions beginning April 3. Independent contractors and the self-employed will be able to apply for loans to cover their payroll and certain other expenses starting April 10, according to Christopher Pippett, partner and chair of the Financial Services Practice at Fox Rothschild.

Businesses can apply for up to two and a half times their average monthly payroll, capping out at $10 million. For a sole proprietor, independent contractor or the self-employed, wages, commissions and other earnings are capped at $100,000, Pippett says. Payments are deferred for the first six months, but as long as the money is used as intended, borrowers should be able to apply for forgiveness.

If the loan is used for anything other than payroll costs, mortgage interest, rent and utility payments over the eight weeks after getting the money, borrowers will owe money when the loan is due.

“Due to likely high subscription, it’s anticipated that not more than 25% of the forgiven amount may be for non-payroll costs,” Pippett notes.

The PPP loan process is a lot quicker than traditional SBA loans, Detweiler notes. “It’s such a fast turnaround,” she says. “I’ve never seen anything like this, and I don’t think any bank has either.”

Applicants will need to provide lenders with payroll and tax documentation and fill out a loan application, samples of which are available on the SBA website.

Be forewarned, however, that just because a lender can issue a PPP loan, doesn’t mean they will do it for you, especially if you’re seeking a smaller amount of money, Detweiler says. “Not every bank wants to make a small-dollar loan,” she adds. “It’s just as much work for less money.”

As long as you have your payroll information handy and are confident you’ll be using a PPP loan for its intended purpose, there’s probably no reason not to apply, Detweiler says. “I think these programs can and will help a lot of borrowers,” she adds. “Just take a deep breath, be patient, and understand that there may be some hiccups in the next couple of weeks as lenders work through how they’re going to get this money into the bank accounts of small businesses.”