$10,000 EIDL GRANT

An amortization schedule will show each monthly interest charge. Paying interest on 25k, and only using $5k, equates to much higher than 3.75% anually. I need to run one, and figure hypothetical amounts, and lengths of the loan, for early repayment. To see the actual cost. The Security of a hedge, against the anxiety of the interest cost, needs to be clear.

 

From what it says, the interests is accruing on the amount disbursed. So, in my understanding on the money already transferred. Perhaps, larger sums, say over $150 000 are disbursed gradually and/or as needed and upon authorization of SBA.
There is a requirement of keeping the receipts and paperwork of how the funds are used. I just wonder, if, for instance, the air compressor replacement invoice will qualify as a Covid-19 relief expense document.
It is funny because let's say you take and then you literally ask "Now what?". LOL

 

That’s all I’m going to do, write it down on a notebook, date amount, and have Bank records to back it up.As far as I’m concerned any cost, that lost funds aren’t available to pay for, should be covered. Including Insurance and Parking. Though I don’t like to finance anything that’s not a Material item. Got to have something to show for debt.

 

Finally heard something about EIDL. They sent me email stating they were unable to very my banking info to deposit the advance. Because I used my social and not my EIN on bank account. But, on a side note the email also said that the application portion is still being processed.

 

It seems that there were a wave of them that gone done and now it’s back to wait and see.

 

Would you elaborate where is the smart move here, please?

 

Don't bother, I doubt you'll understand anything about it...

 

Living debt free life is smart.

I"ll have to make an effort, if I decide to sign it.
Don't you agree?

 

Loan terms aren’t that complicated. Thanks to truth in lending Laws. Read 5 times if needed. Nothing smart about a 30 yr loan. Period. Nothing smart about paying interest on money that’s not being used. Being Debt free, is ideal. The snowball effect, and the magic of compound interest works both ways. For You through savings/investing, and against You, through Debt. Why mortgage your future, unless it’s absolutely necessary? It’s equal to Working for less money.The Banks, getting a % of the amount you owe from your future earnings.