$10,000 EIDL GRANT

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

  1. Scooter Jones

    Scooter Jones Road Train Member

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    Yeppers, everyone has to develop their own strategy. Some were early to the game, others are Johnny-Come-Lately(s). Some have stayed out of the game all together and wring their hands together in defiance of those that have ;-)
     
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  3. Scooter Jones

    Scooter Jones Road Train Member

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    As a one man operation, you didn't receive a PPP loan/grant offer of $41,666, I can guarantee that.
     
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  4. Jrry

    Jrry Bobtail Member

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    I did get that offer. Maybe there was a mistake when I apply.
     
  5. Scooter Jones

    Scooter Jones Road Train Member

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    No, you did not receive a PPP offer for $41,666 as a 1 man operation. This thread has 43 pages of information. Read through it, you'll gain a lot of insight & information regarding the difference between EIDL & PPP.
     
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  6. Jrry

    Jrry Bobtail Member

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    I know the offer is high for 1 man operation to be a PPP loan but it is. I just called SBA to see on my status for my EIDL loan and it’s under review right now. I’m just gonna call Wells Fargo maybe there was a mistake on my offer.
     
  7. Scooter Jones

    Scooter Jones Road Train Member

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    Okay, if you say so...

    Pretty easy to post a photo of your $41,666 1 man operation PPP loan offer. Just block out your name and other private information.

    I'll believe it when I see it ;-)
     
  8. Jrry

    Jrry Bobtail Member

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    Here you go.
     

    Attached Files:

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  9. Scooter Jones

    Scooter Jones Road Train Member

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    Maximum Loan Amount
    What is my loan maximum PPP amount?
    The lesser of

    1. 2.5 times average monthly payroll costs based upon one year period preceding the date of the loan (special computations are available for seasonal employers and businesses not in business for full year), plus outstanding loan amount under 7(b)(2) made on or after Jan 31, 2020, and before or on the date covered loans are made available to be refinanced under the covered loan,
    2. or $10 million.
     
  10. Scooter Jones

    Scooter Jones Road Train Member

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    So, on your PPP application you were able to document that your previous 12 mos of payroll and other qualified expenses under the PPP, were $270,829? The lender does verify those expenses via your tax return, bank statements, etc.
     
  11. Jrry

    Jrry Bobtail Member

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    No
    No, thats why I think they made a mistake
     
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