$10,000 EIDL GRANT

Discussion in 'Ask An Owner Operator' started by Scooter Jones, Apr 3, 2020.

  1. Scooter Jones

    Scooter Jones Road Train Member

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    It's Friday the 3rd of April.

    Anyone who applied for the $10,000 EIDL "grant" 3 plus days ago, wake up with $10,000 direct deposit into their bank account ;-)
     
    Last edited: Apr 3, 2020
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  3. Scooter Jones

    Scooter Jones Road Train Member

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    My sense is the program and easy eligibility requirements were hyped.

    Many small businesses who were thinking they were going to get a quick $10,000, will be sorely disappointed, me thinks.
     
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  4. zinita17601

    zinita17601 Road Train Member

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    Is not a grant unless it was used to retain employees,otherwise u get a tax credit for 5k
     
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  5. Scooter Jones

    Scooter Jones Road Train Member

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    Are you SURE that the sole purpose for the Grant/Advance of the $10,000 is ONLY for employee retention?
     
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  6. Banker

    Banker Road Train Member

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    This company has one of the better explanations of the various programs available. I will post a snapshot of the $10,000 grant explained. Interpret the information how you see best because even the people administering the various options don’t fully understand all of the rules as they are changing daily. 2318D424-9213-4ED1-A0D3-EA3AAF4742D1.png
     
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  7. Banker

    Banker Road Train Member

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  8. Banker

    Banker Road Train Member

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  9. DUNE-T

    DUNE-T Road Train Member

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    What's funny? I have a business in a retail location, which my wife runs. All the businesses at our plaza have been shutdown by governor's order.
    My rent alone is $3000 per month and landlord already said that he expects that money, because otherwise he is gonna bankrupt himself.
    If I get that money, it will be used towards paying rent and utilities, it's not that I am just going to blow it on drugs and hookers.
    Same with truckers. If you have let's say 5 financed trucks running dedicated automotive freight, you are also in a very bad position, because that $10k will only cover your insurance premium for just one month, you still have to figure out how to pay for trucks and not have your drivers abandon the ship
     
  10. Oscar the KW

    Oscar the KW No Filter

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    I wonder, if you get an advance, and use it for purposes other than what is listed, does anyone actually enforce it?

    I think that there are going to be a lot of people who could potentially be granted this money, who don’t actually need it, and will use it for purposes that have nothing to do with it’s intended purposes.

    This whole thing is ripe for abuse.
     
  11. Scooter Jones

    Scooter Jones Road Train Member

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    I will answer my own question ;-)

    Maintaining payroll & employee retention is not the only purpose of the grant.

    The $10,000 grant, if given, will be forgiven even if it is determined the applicant isn't qualified for a PPP loan.

    If the company is deemed qualified for the PPP loan, the $10,000 grant will be deducted from the PPP loan.

    What can I use the advance payment for?
    • Advance payment may be used for:
    - Providing paid sick leave to employees;
    - Maintaining payroll;
    - Meeting increased costs to obtain materials;
    - Making rent or mortgage payments; or
    - Repaying obligations that cannot be met due to revenue losses.
     
    Last edited: Apr 3, 2020
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