$10,000 EIDL GRANT

I received an email notification from PayPal stating that my application has been approved.
The funds will be deposited to my bank.
I am not sure when I will see the money but the very application process took less than 48 hours.
Thank you @Scooter Jones for providing the very useful hint about applying through PayPal.

 

What did they use besides schedule c, if anything for income? Did you get an estimate yet? I think it’s guaranteed funding within 10 days, once you get the loan #.

 

There on the PayPal loan builder I uploaded
‐---Form 941 for each quarter of 2019 (payroll form sent to IRS on quarterly basis). It was 4 documents.
Also,
------2019 Form 1120 - S ( Income tax of an S corporation)
I was not asked for any additional documents.

 

I don't know why are they offering so much and how all this is going to work. Gotta find the fine print and read all the details on this

 

That’s what 89,800 will end up costing you.

 

Extremely informative thread that I have been following from the beginning. I don't blame anyone for taking these loans, especially since it was the government who shut down the economy. My question is how can a sole proprietor of a trucking company ask for a loan when he is still able to produce revenue. I thought it was for businesses that had been shut down and unable to produce revenue to keep employees off the state unemployment dole. Taking a loan-grant seems like fraud to me for anyone who can still operate.
To be clear, I'm just asking.

 

Any amount over $25k, has to be secured with collateral. Basically they own you.

 

Fraud would be the case, when you take the loans, even though Covid-19 crisis has not affected your business in adversary ways. For instance, you still operate (e.g. under a contract with a shipper), generating the same revenue at the same costs, as in pre Covid-19 days.

If I generate revenue below my costs per mile, including driver's pay (e.g. $1.50 based on the recent accounting numbers) and as a result I am forced to subdue the driver's pay to a minimum or eliminate it completely then the PPP and EIDL loans are exactly for the purpose of sustaining such operations so that I don't have to lay off myself and ask the state to pay me unemployment.
Why do I do that?
So that I can still be in business, without shutting it down. Being able to make insurance payments and equipment payments, pay myself some too.
That's exactly what the loans are for: 1. PPP: Pay the driver. 2.EIDL: Sustain the business.

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I also found this excrept in the article regarding PPP, where someone with more authoritative opinion than mine, answered a very similar question.

"....
Could a small business making masks, hand sanitizer or other products in high demand during the crisis receive a PPP loan even though they’re making a profit?

Yes. The primary criteria for getting the loan is the company must have employed no more than 500 workers for whom it paid salaries and payroll taxes or paid independent contractors and that it was operating on Feb. 15. Loss of revenue is not a requirement though the application form requires businesses to certify that “current economic uncertainty makes this loan request necessary to support the ongoing operations....”

from
Small business loans: We have the answers to your PPP questions

 

Here is a link to PPP loan forgiveness workbooks. If you have a PPP loan, please, for your own sake, download these and get an idea of how much will be forgiven and how much you will have to repay. Many of you in here are believing fairy tales about this program. There are computations that are used and most of us sole proprietor/LLC owners will have to repay substantial portions of the loans. Educate yourself now so you don't get a nasty surprise later.
PPP Loan Forgiveness Workbook | Albin, Randall and Bennett