$10,000 EIDL GRANT

The PPP amount I was loaned equals 2.5 of my monthly payroll checks (based on 2019).
By issuing 2 paychecks I will satisfy 75% in 8 weeks then I will use the remainder towards the 3rd payroll check. The only rent I can think of would be my parking spot that costs me $350 per month.

 

I got my EIDL loan offer in the email yesterday. $150,000 offer.

I think it’s because I didn’t put $0 for my cost but put my total expenses amount. I was expecting it to be a lot higher.

 

Well, I just signed my life away. I read all the stipulations, and requirements. Surprised to see, no interest accrued until funds are drawn, no payments for 12 mos. yet must take a draw within 6 mos.or forfeit the loan. Must keep itemized receipts, and produce P&L statements, up to 3 mos. after end of fiscal year. I would imagine, insurance, and phone bill, along with parking, repairs, maintenance , would all be acceptable. Maybe even fuel? Sounds like getting the money, while covering my ###, might be tricky. I’ll be honest, I don’t like it. I’d almost rather pay more interest, and be the one in charge as a Customer, instead of a Custodian, being held liable for use of funds. Ive done some unconventional things, over the years using the Banks money, because they wanted my Bussiness. I’ve made Truck/ House payments with credit card advances, rearranged debt, using it as a short term tool, knowing my risks. For some reason, I feel like I just sold an interest in my Bussiness/ future to the Sharks. Anyways, I’ll keep it for a hedge. In case disaster strikes, within the next 6 mos. Though I can’t say I feel relieved. As it is right now, I can live pretty well, working an average Job. I choose to run my #s for 1 reason- Freedom. Debt is counter productive to Freedom. I’ll do all I can, to eliminate this loan ASAP, be it before the 6 mos., or paying back the amount used, if any. All the rules attached, kind of takes the challenge, and fun out of borrowing. I’ve realized, I enjoy overcoming the odds, it’s somewhat of a game to Me. I truly enjoy the excitement of it. When it comes to the Government, it’s hard to argue with them, since they make the rules. $25000, @3.75% for 30 yrs. $122 mo. ain’t that great,($18920 interest) . $25000, @10% for 4 yrs. $625 mo.much better,($5000 interest). Nothing good will come out of using the money. I’m already nervous about it. I’ve learned to keep my finances small potatoes. Under control, these loans make no sense at all. The Government having a stake in a bunch of Bussinesses? Sounds like China or Russia, not USA. Very troubling.

 

I got approved for my ppp loan. Not a lot but it's supposedly free. I'll put in a seperate checking account. Write checks out saying payroll and put in my regular account. Have 2 months to do it, easy.

 

Well, the 25k hit the Bank this morning.Im surprised how easy the whole process was. Sure beats worrying about future credit lines being cut, and does put Me at ease. My main goal is keeping debt down, and credit intact. It should be a good tool, for flexibility, time will tell.

 

The casinos are open now. Find a roulette wheel and put it all on red. You might double your money.

 

That can part of a business plan.

 

I see they extended the pay out period from 8 to 24 weeks. Also, changed the “ payroll” part from 75% to 60%. Deadline to apply still June 30th. I was hoping they would extend the deadline, since I’ve got PUA till July 25, or 30th. I plan on applying for ppp, before the deadline, and start using it, after July 30th. I plan on using the EIDL for Tires, Fifth wheel, kingpins, new seats. Truck will be ready to run. Hopefully things will be picking up by then. I expect some pretty bad rates, till next spring at least. By then hopefully all this will be settled and paid back by then. Chances are, I’ll pay off credit cards first, then once they’re gone, focus on the $5 -$8k I’m using from the EIDL. Time will tell. I think it’s all very doable. 2 yr plan, to pay off everything but house, and maybe a car or Trailer payment. Either way, need to make a living somehow, and minimize debt. Debt can’t outweigh assets. I need to keep an exit strategy, if needed. I could easily qualify for 100% disability, but that’s not my style. Hopefully I won’t have to, and can work another 10 yrs. Anyone that’s worried now about finances, believe Me, a lot can change in 10 yrs. A little bit at a time, in the right direction. Nothing lasts forever, this won’t either.

 

I think I hit a snag. They say I am approved, yet they would not enable me to sign closing docs. It's been 10 days. I called and I did not like the impatient tone in which I was asked/answered questions. The loan officers are overwhelmed and I need to wait.
That's fine. It is only a small indication of a customer service being rather different from a regular financial institution.
I have to say that in case I don't get it at all...e.g. I don't like and won't sign the closing documents, it will be something between disappointment and relief.
Time will tell.