$10,000 EIDL GRANT

So much for that 3 day turn around process on the EILD program LOL

 

Just listened to a regional director of the SBA (Ashley Bell) on Clark Howard's podcast. The government rep spoke typical political bull-crap.

The EIDL $10,000 grant is a myth...

The $10,000 loan advance would be for a company that has 10 employees and is applying for a $100,000 loan to keep employees on the payroll!

So, in essence, if you have 1 employee, you could expect a $1,000 advance on a $10,000 loan request. If you use at least 75% of that money towards payroll, that amount is forgiven.

The other 25% has to be paid back at 0.50% starting 1 year after the loan is made.

It's a farce. All that get your $10,000 3 days from application online funding was horse manure, as I suspected.

The PPP loan is just as convoluted. Most of the big banks who are automated and synched with SBA, have already funded their in-house business clients with PPP money.

Most have reached their maximum funding levels awarded from the SBA for their institutions in the program.

Smaller SBA community banks like mine are struggling to keep up and because most of their systems are not automated, processing and funding will be slow.

As usual, the small guy will get pooped on, I'm sorry to say. Our town is already filled with storefont "for sale or rent signs." Pizza shops, hair salons, doughnut bakery, etc, shutting down.

#### the Coronavirus and #### the politicians who took advantage of a crisis to impose unreasonable standards in shutting these businesses down.

Most will never recover, on more than one level.

 

I did learn one from that SBA bureaucrat though, how to pronounce the EIDL acronym. He kept referring to it as "idle".

Very fitting

 

My personal biggest inconvenience caused by Coronavirus to date, is that I can't find anyone open who can cut my hair.

 

LOL