$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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  3. Rideandrepair

    Rideandrepair Road Train Member

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    The main thing is they’ve given the power to forgive the PPP loan, to the bank.I doubt it will be a problem, I also read about some lobbyists trying to get the % changed to 50, instead of 75%. But ideally, an O/O could pay himself from the PPP, and work,and build up some Bank with the revenue. That’s the advantage I see, over unemployment. Definitely can’t get both, although I’ve heard of some that have. Not worth it to Me. The EIDL itself is a great rate, and terms. Still can be easily matched by a 0% credit card, for one year, unless the goal is to carry and service a 3.75% loan forever. I don’t think that’s a great idea for me. Has to be an advantage, refinancing a EIDL with a forgiviable PPP, makes sense. Either way, I don’t see a great advantage for Me. At best, I’d have to apply for the PPP, only. by June 30th, and forfeit 4 weeks of pua, that expires on July 25th. The net benefit, if I qualify for 7k PPP, is about $3400. Plus whatever I can make running a month.If it’s forgiven.Ofcourse, if any of the programs get extended, that changes everything. I’m going to wait for the EIDL offer, collect pua for now. Worst case, I miss out on $3400 “ free money. But Pu a has been a lifeline. I can survive for now.
     
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  4. Scooter Jones

    Scooter Jones Road Train Member

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    Who knows. They may just throw out all the revisions when it's said and done.
     
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  5. Scooter Jones

    Scooter Jones Road Train Member

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    For me, I decided not to muddy up the water by bringing in below market revenue onto my books during the 8 week PPP period that started on the 15th of April, then having to potentially finagle with the SBA or the bank against that revenue, and them coming back and determining the money isn't forgivable after all.

    The rates on my lane still suck. June 15th is when I plan to activate part 2 of of my four part strategy to stay in the game as long as I can.

    The PPP money I received alone, because of my low personal overheard, is able to keep me afloat for 5 mos from the time the money hit my account. With no truck payment for 1 year and no insurance concerns until December 31st.

    The longer I can put off adding unprofitable maintenance miles on my truck & trailer, the better off I am from where I sit. Everyone else's mileage varies, and I cool with that.

    The federal government along with my crazy Governor who is insisting on keeping things clamped down are directly responsible for the suppression of freight & rates right now. Yeah yeah, I know some of you are raking it in big time ;-) For that, I'd like to personally thank you for contributing to the tax rolls and making all this possible. I'll be back (maybe) sooner or later to contribute my part.

    In the meantime, this is for @Midwest Trucker

    Dumb & Dumber.gif
     
    Last edited: May 20, 2020
  6. Scooter Jones

    Scooter Jones Road Train Member

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    Maybe this is more appropriate?

    Dumb & Dumber02.gif
     
  7. nikmirbre

    nikmirbre Road Train Member

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    Anyone see the 10-11 page application used to fill out(Actually 3-4 pages of it you fill out) to apply for forgiveness of the SBA PPP loan?
     
  8. Scooter Jones

    Scooter Jones Road Train Member

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    Feel free to post it up.
     
  9. nikmirbre

    nikmirbre Road Train Member

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    image.jpg It’s uploading to my phone now but here’s a picture of the 1st page.......
     

    Attached Files:

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  10. nikmirbre

    nikmirbre Road Train Member

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    Oh wait I did do it right.... it’s that file in the above post
     
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