$10,000 EIDL GRANT

The good thing is that I am managing to get out of factoring! I was misadvised to take factoring by someone. Now, since I am not loading any cheap freights all accounts have been paid for. I have one more week when the trial period ends to submit a termination letter. It might be working for some. But it doesn't suit us in any way.

 

I read that loan less than 25K is unsecured somewhere. So, it really depends on the amount you borrow.

 

I am sure that there are some businesses that can argue that the aftermath of Covid 19 is unpredictable and their hardship long lasting.
In case of owner operators doing spot market, the rates I see now on DAT are going back to pre Covid 19 days, if not there already. What else would determine hardship for us, or any business at all, if not a loss of revenue or inability to generate one? Let's say that an auditor says to you: I can see you had a hardship when your were hauling for 1 dol per mile but now when your rates are 2 - 3 dol per mile what kind of hardship is that, so that you need to use your SBA money to pay for fuel?

That's why I would like to know how long fuel purchases and insurance installments will classify as qualified expenses.

 

I have a house of a similar value paid for already too.I guess it is more or less a risk assessment decision for me as well.
Truth to be told, we were all presoaked with the stimulus, PPP and free EIDL advance and expected another big pot of free soup.
But the pot is not much a soup but bitter tasting medicine and someone is better really sick to try it.

 

I am not hauling cheap. I can't. It's more than two months for me.
I will see in the next few weeks if that changes.

 

But you get to keep the advance? Right? Or that changed too?

 

I’m in the same Boat, Truck Trailer, Cars all paid off. $18k credit cards from an Overhaul in January. 10k at 0% till next January. Along with $12k in Medical bills. Not a whole lot, but more than I’m comfortable with. If done right, the loan can be good. But it would have to be done right, in my case, that could take time. Either way, it all needs to be paid within 2 yrs. from now, I’ve basically lost a year of progress, no matter how I look at it. Shifting interest payments, and applying the savings, to the existing debt, might just be beneficial. If it’s done in a short timeframe. I’m just not sure if the anxiety and effort involved in my case is really worth it, as it is, I’m only paying interest on $8k, of the $30k debt. Till January anyways. Seems like a lot of shuffling, to save a little bit of interest. Right now, I’m paying interest on $25k, and not using it. That’s counter productive to paying down existing debt. The only answer for Me, is to use as little as possible, and return the rest, for now it’s an emergency fund. So I don’t lose the whole ball of wax. I’ve done it so many times over the years. Basically float the note, till I can play catch up. This time is no different.

 

Thank you. I will have to do more research on that. Maybe, they will release more info. I don't think they will be hard on people who borrow small amounts, less than $25,000. Since they know everything is unpredictable. They won't punish people for the unknowns of the pandemic.

 

No Soup for You!!!

 

I think it can be applied toward losses, occurring since Jan 30th, my last 2 Trips out, resulted in my DH home, twice. Rates were already down, as freight dried up. I’m not sure, and don’t really want to find out, how and if I could justify losses. I just don’t want the Government in my Bussiness period. I’d rather owe the Mafia.