$10,000 EIDL GRANT

Forbes has good info. They also have info related to likely scenarios, about forgiveness of the PPP. Since that article was written, as of June 3 or so. The 75-25% ratio has been changed to 60-40%. And the 8 weeks to 24 weeks. One article I read, says that the earliest most PPP will be forgiven, is probably around October, by the time all the smoke clears.

 

Hey Scooter!! I was starting to wonder if you were out polishing that new Reefer. That is, got the money, decided there’s no time for the thread, and we’re off to the races.Lol. Smart move sending it back. I took the $25k. Haven’t touched it yet. I’m sure you’re tired of repeating yourself by now. Anyway, just wanted to say Thanks, for the heads up on the $25k threshold info. I passed it on to a friend of mine, who first told Me about the loans. He almost took the whole thing, but limited it to $25k. after I told him. Happy Trails.

 

You have posted a wealth of information for sarcasm.haha.
I was approved and I'm waiting for paperwork for $25,000.

After reading the Forbes article, I'm thinking about not taking it.
Just another reason for the feds to get into my books. It seems too easy to make a mistake about misuse of funds.

I don't have to have it now. I was hedging against the unknown future.
I am working every other week or so. Enough to keep the wolves are bay.

Good luck to all

 

I think more, as days and hours go by, rates are improving, and more importantly, it is not like I am penny less, that I will not take it either. To have a clerk calling me and asking what I did or did not might be too hard on my sensitive psyche to bear.

Having read the Scooter's excerpts from the closing docs...disturbing to say the least.

 

OK. I received the closing documents... Now I will take my time and decipher every paragraph, make some phone calls, online research, etc. until I fully understand what I can use it for. Without the understanding, which de facto determines whether I should need or not, I will not take it.
2 months to sign it before the offer expires. I'll leave it at that for now. It won't go anywhere... In a way, it is still sort of a hedge for the next 2 months.

 

Any info found, is appreciated. I haven’t touched mine yet, haven’t opened that can of worms. I’ll probably buy Tires, king pins, all new front end, fan, and fifth wheel pretty soon. I’ve got a lot to do around the house, on cars, Truck and Trailer, plenty of materials and parts already. Not spending anything at this point, unless it’s going to be used right away. I’m still unclear about interest owed. I read only the amount used.It has to be referring to the amount that you decide to borrow. In other words, although a payments not due, for a year, it says interest sill accrues. So if it’s not used, it’s a liability. I’m going to run an amortization chart later, figure out the interest charge for 25k, @3.75% 30 yrs.over 12 mos. It has to be at least $700-$1000.