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$10,000 EIDL GRANT

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

Page 95 of 133
  1. May 22, 2020 #941
    DUNE-T

    DUNE-T Road Train Member

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    May 10, 2015
    Detroit, MI
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    I got an offer for $150k (the previous one I posted in this thread was for my wife's business). Even though a low interest rate sounds good, I am not planning to get it. I can't think of what I can use this loan for, besides paying off my trailers, which currently have loans at 8%.
    Screenshot_20200522-225825_Chrome_1.jpg
     
    DUNE-T, May 22, 2020
    DUNE-T, May 22, 2020
    #941
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  3. May 22, 2020 #942
    Scooter Jones

    Scooter Jones Road Train Member

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    I read they're capping the loans at 150k now, in order to have more funds available.
     
    Scooter Jones, May 22, 2020
    Scooter Jones, May 22, 2020
    #942
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  4. May 22, 2020 #943
    TallJoe

    TallJoe Road Train Member

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    That kind of money is no joke. Easy come easy go but then no bankruptcy escape hatch (?)
    I thought about your idea of utilizing the loan for a reefer purchase and financing but not sure if it is technically allowable application.
    In any case, I am surprised about such generous amounts.
     
    TallJoe, May 22, 2020
    TallJoe, May 22, 2020
    #943
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  5. May 23, 2020 #944
    Scooter Jones

    Scooter Jones Road Train Member

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    Well, the clause in my contract clearly states that equipment can be purchased with the working capital. With a preference for American made. So, I'm not sure why it couldn't be used to purchase a new trailer.

    As I said, I intend to park the money in a separate account and wait until some of the fog clears.
     
    Scooter Jones, May 23, 2020
    Scooter Jones, May 23, 2020
    #944
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  7. May 23, 2020 #945
    Midwest Trucker

    Midwest Trucker Road Train Member

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    I can’t wait until my EIDL email and I can measure my EIDL dick. I’m going for maximum length and “roundness”. LMAO I’m messing with y’all.
     
    Midwest Trucker, May 23, 2020
    Midwest Trucker, May 23, 2020
    #945
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  8. May 23, 2020 #946
    TallJoe

    TallJoe Road Train Member

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    Are you ready for .... $900 000 at 3.75%
    Or something like that...?
     
    TallJoe, May 23, 2020
    TallJoe, May 23, 2020
    #946
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  9. May 23, 2020 #947
    Midwest Trucker

    Midwest Trucker Road Train Member

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    I think they are scraping money together over at the SBA to see how much they can offer. haha :D
     
    Midwest Trucker, May 23, 2020
    Midwest Trucker, May 23, 2020
    #947
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  10. May 23, 2020 #948
    Scooter Jones

    Scooter Jones Road Train Member

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    You do realize that the only one's taking PPP & EIDL money are those who are cowering in fear of the Coronavirus, wear a mask, have lost their 401k & homes and are now living in a cardboard box, right?
     
    Scooter Jones, May 23, 2020
    Scooter Jones, May 23, 2020
    #948
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  11. May 23, 2020 #949
    Midwest Trucker

    Midwest Trucker Road Train Member

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    lol. At least that would mean PP is out of “business” then if you know what I mean.
     
    Midwest Trucker, May 23, 2020
    Midwest Trucker, May 23, 2020
    #949
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  12. May 23, 2020 #950
    Scooter Jones

    Scooter Jones Road Train Member

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    What do you think? I could use $65,000 of my EIDL loan and buy this brand new "American Made" (equipment) reefer trailer. I'll be in position to make the big bucks when the economy turns around next spring.

    I'll keep it until I retire in 30 years at 92. Look at how low the payments would only be at 3.75%
    Payment Every Month $301.03
    Total of 360 Payments $108,369.05
    Total Interest $43,369.05

    Reefer.JPG
     
    Scooter Jones, May 23, 2020
    Scooter Jones, May 23, 2020
    #950
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