$10,000 EIDL GRANT

It’s a simple interest no pre payment penalty loan. Each payment would have a certain amount of interest and a certain amount of principle applied, based on the amount borrowed and a 30 yr term. You can always pay it off early, at any time. The payoff amount, would be the original amount, minus any principle, that has already been applied, from payments already made.

 

That’s how I understand it.

 

When you are proud hauling for $1.15 all miles, it doesn't matter you read it or not.

 

The interest you pay is only for the amount of time you make payments.
If you pay off early, say 5 years. You only pay interest on the 5years. You don't owe interest for the entire 30 year term.

 

What does that mean?

 

Check out "We are important' topic.

 

Correct, my point earlier, is that if you borrow $25k, pay interest at 3.75%, on the whole amount, yet only use $7k, and keep $18k in the Bank. The actual cost of the $7k used will be much higher than 3.75%, probably be at least 12%. Because you’re paying interest on $25k. The longer you hang onto the money, and don’t use it, the actual cost of the amount used, becomes higher. Right now, for instance, interest is being added to the $25k, I borrowed, Sure, no payment for 1 yr. But meanwhile the interest is being added, whether I spend it or not. On a 30 yr term @ 3.75%, the payoff will probably be 25,800, in a year. I’m just guessing. An amortization chart, would show exactly how much. In other words, the money, and the great rate, is only good if it’s put to good use. Only using a small portion,while paying for a large portion, is equivalent to a very high interest rate, on the amount used. Depending on the amount used, and time to pay it back, it could be cheaper to use a low interest credit card, for the $7k.

 

What kind of rates are You getting, right now. For instance, last week, how many miles, how much per mile?

 

I am getting $1,100 per week unemployment thanks to PUA right now.

 

So, does that mean you’re getting the max in your State. $500 a week? What State pays that much?