$10,000 EIDL GRANT

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

  1. nikmirbre

    nikmirbre Road Train Member

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    Matter of fact, Im gonna call right now.... (fingers crossed)
     
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  3. Rideandrepair

    Rideandrepair Road Train Member

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    My offer was in Junk mail, under the heading disaster relief
     
  4. Scooter Jones

    Scooter Jones Road Train Member

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    For various reasons. Does it really matter if you understand it? As I've already stated, I had second thoughts (along with my wife) about it and gave it back the day after the 85k hit my bank account. I haven't looked back or second guessed my decision one bit.

    Besides, if I get real desperate, I'll hit @Midwest Trucker up, he's has an unending supply ;-)
     
  5. nikmirbre

    nikmirbre Road Train Member

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    Yeah the email telling me my application was still in review was in junk mail also.

    Heres what I was told. I filled out 2 applications. One was the 1st day it was available online to do so and the other was about a week later when I thought 1-10k per employee was suppose to hit my account within 3 days. So the 1st application I somehow messed something up(I don't know how I did that cause it was so simple to do). So, on May 19th I received and email saying that my 2nd application had been withdrawn from consideration because of 2 application. I called and the nice lady says that instead of tossing the 2nd one she is gonna keep that one and toss the 1st because Id be eligible for more $ if I kept 2nd application.

    Which got me thinking, would I even take the money? What is my rush? Am I only trying to find out why mine hasn't come through because it seems everyone else is getting their offers.
    30 years is a long time.....Am I putting my faith in the wrong place? Now its really got me thinking....
     
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  6. Scooter Jones

    Scooter Jones Road Train Member

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    What's interesting is that right before all of this COVID-19 hit, my bank offered to refinance the balance of my SBA truck loan which is at 5.5% for 3.49%. I wanted to think about and then all this hit.

    Now, I don't mind that I didn't do it right away after the fact, because as I've said, included in the CARES Act was provision for those that have existing SBA 7(a), Debt Relief Provision. The SBA told me I didn't have to ask for it or even apply for it. 6 months of deferment from the bank, followed by 6 mos of SBA reducing the truck payment obligation all together.

    So in the end, I feel pretty fortunate with what I've gotten with the PPP money, etc.
     
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  7. Midwest Trucker

    Midwest Trucker Road Train Member

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    To me taking a 30 yr loan to operate your business is ridiculous unless your in dire straights but see a path forward and have a plan to get things back on track and pay the money back within a few years. If you need to take the full amount and need 30 yrs just do yourself a favor and quit now.

    They offered Rideandrepair almost 100k when he self admittedly is in bad shape financially and hasn’t done super well the last year or two. Thankfully the man has enough self discipline to “only” take 25k and put it on the shelf while he executes his plan.

    There are going to be mass bankruptcy from these loans in the year and years to come. I don’t think the government really cares because they are mostly concerned with right NOW. However, there will be consequences to this.

    If you don’t really need the money, don’t take it. If you need it, then determine a modest plan where it’ll work for you to save your livelihood but please don’t do something just because and suffer for decades to come over it.
     
  8. TallJoe

    TallJoe Road Train Member

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    It is not a free money and needs to be rather specifically directed. It is still uncertain what you can use it for. It may be riskier from taking a 2nd mortgage, with which you don't have to watch yourself for what you do with it.
    Having said that, I'll take the full amount offered and use it exactly as a .....hedge. ;) In my case, 59K is not that overwhelming a number to worry too much. I just think that with it sitting on my account, I should feel more comfortable using my own current savings that I already have for an equipment upgrade, if needed. When a year passes and I can't justify having it, I'll pay it all back.
     
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  9. TallJoe

    TallJoe Road Train Member

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    I am still debating with myself the appropriate use of the loan. For instance, If I were a restaurant owner and due to Covid-19 I had to shut down for months and then to reopen it I could use the loan for resupplying the pantry and rehiring new staff. That's no brainer.
    With trucking business, we were not shut down and purchasing new equipment may not be exactly the appropriate application of the loan. Unless they will give specific guidelines that it is so.
    I think that by taking this loan, you declare experiencing hardships due to Covid-19 and use that loan to alleviate the hardships. Purchasing a new truck or financing overhaul,somehow does not feel right to me.
    However, sustaining operations by covering fixed costs with it, seems appropriate.
    On the other hand, what the hell should they care, if it is all paid back?
    The money did not hit my account yet and I am still waiting for a signature phase...so I still have a chance to test myself and say no.
     
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  10. 77fib77

    77fib77 Road Train Member

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    Same I called today and said they got 1.7 million applications and if you got that email, your part of the 60% that got it. But some people get the 1000 with out that email....
     
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  11. 77fib77

    77fib77 Road Train Member

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    Sba in the title?
     
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