It's Friday the 3rd of April.
Anyone who applied for the $10,000 EIDL "grant" 3 plus days ago, wake up with $10,000 direct deposit into their bank account
$10,000 EIDL GRANT
Discussion in 'Ask An Owner Operator' started by Scooter Jones, Apr 3, 2020.
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My sense is the program and easy eligibility requirements were hyped.
Many small businesses who were thinking they were going to get a quick $10,000, will be sorely disappointed, me thinks.speedyk and Rideandrepair Thank this. -
Is not a grant unless it was used to retain employees,otherwise u get a tax credit for 5k
rachi and Rideandrepair Thank this. -
roshea and Rideandrepair Thank this.
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This company has one of the better explanations of the various programs available. I will post a snapshot of the $10,000 grant explained. Interpret the information how you see best because even the people administering the various options don’t fully understand all of the rules as they are changing daily.
Rideandrepair Thanks this. -
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My rent alone is $3000 per month and landlord already said that he expects that money, because otherwise he is gonna bankrupt himself.
If I get that money, it will be used towards paying rent and utilities, it's not that I am just going to blow it on drugs and hookers.
Same with truckers. If you have let's say 5 financed trucks running dedicated automotive freight, you are also in a very bad position, because that $10k will only cover your insurance premium for just one month, you still have to figure out how to pay for trucks and not have your drivers abandon the ship4wayflashers, WildTiger1990, FoolsErrand and 6 others Thank this. -
I wonder, if you get an advance, and use it for purposes other than what is listed, does anyone actually enforce it?
I think that there are going to be a lot of people who could potentially be granted this money, who don’t actually need it, and will use it for purposes that have nothing to do with it’s intended purposes.
This whole thing is ripe for abuse.frito bandito, gentleroger, tommymonza and 5 others Thank this. -
I will answer my own question
Maintaining payroll & employee retention is not the only purpose of the grant.
The $10,000 grant, if given, will be forgiven even if it is determined the applicant isn't qualified for a PPP loan.
If the company is deemed qualified for the PPP loan, the $10,000 grant will be deducted from the PPP loan.
What can I use the advance payment for?
• Advance payment may be used for:
- Providing paid sick leave to employees;
- Maintaining payroll;
- Meeting increased costs to obtain materials;
- Making rent or mortgage payments; or
- Repaying obligations that cannot be met due to revenue losses.Last edited: Apr 3, 2020
KB3MMX, TTNJ, kemosabi49 and 1 other person Thank this.
Trucking Jobs in 30 seconds
Every month 400 people find a job with the help of TruckersReport.
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