EIDL

I would check the rules on the website. You can potentially get in some serious legal trouble, if you use it on something that you are not supposed to

 

EIDL unlike PPP is a simply a low interest loan with no restrictions on how you can use it. The initial grant of up to $10,000 ($1,000 per employee up to a max of 10) that was offered is forgiven, but you will owe the full balance of the EIDL loan over 30 years. Payments are deferred until next year.

 

Not the EIDL loan. The PPP is full of restrictions because large portions of it can and probably will be forgiven. The EIDL portion of the program is like any other low interest disaster relief loan, and can be used for any legitimate business expense.

 

Not true. EIDL is full of restrictions too. Its called Economic Injury Disaster Loan for a reason. For a one man truck operation the eligible uses of funds are very limited. You can probably pay yourself a salary, truck insurance, parking fees and some other minor business expenses but thats about it. Do you really need $$$ 80,100, 150k for that? I don't think so.

 

These are working capital loans that may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. You can pay insurance, fuel, truck payments....

 

So in other words, the same restrictions that would be on most any other small business loan? Anybody who takes out a small business loan just to pay themselves a bonus, make payments on another loan, or to relocate, probably shouldn't be in business to begin with. They were designed to help cover normal operating expenses during the shutdown. The restrictions that you listed won't do a thing to hinder that for anybody with half a brain.