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$10,000 EIDL GRANT

Discussion in 'Ask An Owner Operator' started by Scooter Jones, Apr 3, 2020.

Page 77 of 133
  1. May 11, 2020 #761
    Scooter Jones

    Scooter Jones Road Train Member

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    Thanks.

    He posted a link that has includes the terms of the loan itself here EIDL Loan - Images

    The collateral agreement is something I would definitely not want. As I had stated earlier on this thread (appears as though I was correct) the maximum loan amount for a non-collateral loan is $25,000

    EIDL.JPG
     
    Scooter Jones, May 11, 2020
    Scooter Jones, May 11, 2020
    #761
    Rideandrepair and Tug Toy Thank this.
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  3. May 11, 2020 #762
    Scooter Jones

    Scooter Jones Road Train Member

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    I would encourage anyone who has applied for the EIDL and is considering taking the full collateral amount over $25,000 (if offered) to think twice. The collateral terms are VERY heavy handed.
     
    Scooter Jones, May 11, 2020
    Scooter Jones, May 11, 2020
    #762
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  4. May 11, 2020 #763
    Scooter Jones

    Scooter Jones Road Train Member

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    Actually, what he stated was $96,000 was his gross profit BEFORE deductions, not his NET profit.
     
    Scooter Jones, May 11, 2020
    Scooter Jones, May 11, 2020
    #763
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  5. May 11, 2020 #764
    zim330

    zim330 Bobtail Member

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    That is correct. That seems like a large loan for that 'small of a gross
     
    zim330, May 11, 2020
    zim330, May 11, 2020
    #764
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  7. May 11, 2020 #765
    Scooter Jones

    Scooter Jones Road Train Member

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    Agreed
     
    Scooter Jones, May 11, 2020
    Scooter Jones, May 11, 2020
    #765
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  8. May 11, 2020 #766
    Scooter Jones

    Scooter Jones Road Train Member

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    EIDL02.JPG
     
    Scooter Jones, May 11, 2020
    Scooter Jones, May 11, 2020
    #766
    Rideandrepair and Tug Toy Thank this.
  9. May 11, 2020 #767
    Scooter Jones

    Scooter Jones Road Train Member

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    Scooter Jones, May 11, 2020
    Scooter Jones, May 11, 2020
    #767
    Rideandrepair and Tug Toy Thank this.
  10. May 12, 2020 #768
    bigtravelr

    bigtravelr Light Load Member

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    The SBA is known for putting a lien on everything you own when you get a business loan through them.

    Equipment commercial property residential property everything.

    I would never take a secured loan through them.
     
    bigtravelr, May 12, 2020
    bigtravelr, May 12, 2020
    #768
    Rideandrepair and 77fib77 Thank this.
  11. May 13, 2020 #769
    Rideandrepair

    Rideandrepair Road Train Member

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    I found the email in my junk folder. From May 2nd, Just wait and see now. From what I’ve read, upon getting the PPP loan, they take $1000 advance from EIDL off the top. Also if EIDL funds were used for payroll, PPP must be applied to pay off that portion of the EIDL. Maybe it’s all optional, just something I noticed in the language from SBA website. Apparently the PPP is much easier and quicker to get. I’m not getting my taxes back till next week. Time to find a new Accountant, after 24 yrs. same old story, newer generation ruins the Bussiness.
     
    Last edited: May 13, 2020
    Rideandrepair, May 13, 2020
    Rideandrepair, May 13, 2020
    #769
    nikmirbre Thanks this.
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