$10,000 EIDL GRANT

Maybe you are right, maybe I’m wrong. I’m not really wanting to find out though. Also, the same could be said for equity in equipment. Boom, your out of business. Thanks for your input.

 

If yoy had $2mil coverage, you would have been sued for 2. Not to cover her expenses but to get more for the attorney bringing that frivolous lawsuit.

 

I thought of that as well. But for a real tragedy it would be nice to have.

 

I received the first warning that if I don't sign the docs, the application will be withdrawn.
It does not say when but if so, the sooner the better.

 

I thought we had a 60 day window to sign.
After all the banter on this thread, I decided not to accept my loan.
It would be nice to have. I don't need it now, I was thinking about the end of year. Open deck gets slim and if freight doesn't rebound this summer it could get a little tight.

But if I have to close my doors, I'll just retire from trucking and work for someone a couple years until SS kicks in.

That's a better option than a blanket collateral for a loan.

 

I’m honestly glad I didn’t start with hardly any money saved up in 2014 when I was 25years old. Having plus $20,000 saved up would have disappeared to mechanics with a 750,000 mile truck. Was much more rewarding only having enough for the part and forcing myself to learn how to fix things myself. To each his own though.

 

Did you take out some big $25-50k government loan to stay afloat?

 

No. I did not.

 

Below you'll find a video where an actual attorney deciphers the EIDL contract terms in detail. From it, among other things; you'll find out (@14:10 ) that you won't be able to sell your equipment without consent of SBA as all your business assets are considered a collateral.
It would be less of a headache to apply for less then $25 k.

 

Small businesses expect to fail. Here's what will happen to their PPP loans.