$10,000 EIDL GRANT

Did your wife's salon get opened back up? If so how are things going with it?

 

Yep, had to install those protective screens and everyone has to wear a mask at all times. Very busy, as soon as our governor said that salons can open, 10 min later my wife started to get slammed with calls and text messages from people wanting to get in

 

Not so fast, please!
I have not signed it and I don't think I will. Yet...as long as the papers to sign are on the table, I keep seeing them and play that "I can resist the money" game, testing my character, if nothing else.

The general social media expert talk is that the loan amount higher that $25K but less then $200K is secured by collateral but not by a personal guarantee and above $200K is secured by both. It would mean that loans for less than $200k, the personal assets are not included in collateral. BUT I don't see it anywhere in my agreement and more importantly, what I see is a definition of collateral which says:

For loan amounts of greater than $25,000, Borrower hereby grants to SBA, the secured party hereunder, a
continuing security interest in and to any and all “Collateral” as described herein to secure payment and
performance of all debts, liabilities and obligations of Borrower to SBA hereunder without limitation, including
but not limited to all interest, other fees and expenses (all hereinafter called “Obligations”). The Collateral
includes the following property that Borrower now owns or shall acquire or create immediately upon the
acquisition or creation thereof: all tangible and intangible personal property,
including, but not limited to: (a)inventory, (b) equipment, (c) instruments, including promissory notes (d) chattel paper, including tangible chattel paper and electronic chattel paper, (e) documents, (f) letter of credit rights, (g) accounts, including
health-care insurance receivables and credit card receivables, (h) deposit accounts, (i) commercial tort claims, (j)
general intangibles, including payment intangibles and software and (k) as-extracted collateral as such terms
may from time to time be defined in the Uniform Commercial Code. The security interest Borrower grants
includes all accessions, attachments, accessories, parts, supplies and replacements for the Collateral, all
products, proceeds and collections thereof and all records and data relating thereto.

So...if I am intelligent enough to understand all tangible and intangible personal property it would be all physical things I own (house, cars, shoes, ... sliverware) and intangible (for instance not published fiction novels, or movie scripts , If I were a writer)
So I don't know where they get that idea that loans lesser than 200K but greater than $25K are not secured by personal assets.

 

Unless, they referring to me as a corporation. It is not me - the physical person - listed as a borrower but my business name. And ... perhaps there is such a thing as a business' (corporation) personal assets. It does not make much sense, does it? LOL
I am a little lost, I must say.
I am curious if it is just me or anyone else struggled with the meaning of it too.

 

Wonder what rules these guys have to follow.

Breaking News: YRC to receive $700 million CARES Act loan - FreightWaves

 

$700 million to prop up the walking dead. Too big to fail. Someone said no to free market.

 

I think most of that Language is for Bankruptcy court purposes. There’s going to be a lot of scammers trying to wiggle out of repaying the loans. A lot will get away with it too. Just like the Mortgage debacle. When cash was King. I was back in the Market, before prices went up. I kept losing offers to others who had cash offers. They obviously had hidden cash, and walked away from other homes. There’s so much cash in the system right now, Campers and boats are selling like crazy. Young Kids are all racing around more than ever, in their super cars. Home Depot is packed everyday. No recession at all, from what I’m seeing. All the money injected, makes it hard to tell, what’s really going on. Makes Me wonder, about the future backlash, from all of it. How much of it is a result of all the easy money? Be it EIDL, PPP, or PUA. Doesn’t matter, what others are doing. I’m going to cover my ###. I’ll pay the $25k back ASAP. Right now, it’s there if it’s needed. Just costing Me money to sit in the Bank. Strange Times.

 

Another Corporate Money Grab. Reminds Me of when UPS got all new “Green” Trucks, paid for by Tax Payers. I’m sure a lot of Independants could use new tires. I don’t see anyone lobbying for a Tire Highway Safety Program. Lol, I Don’t think they should either. Just more B.S. I’m sure there will be more “Loans” to other Companies.