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$10,000 EIDL GRANT

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

Page 128 of 133
  1. Jul 11, 2020 #1271
    Midwest Trucker

    Midwest Trucker Road Train Member

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    Amen.
     
    Midwest Trucker, Jul 11, 2020
    Midwest Trucker, Jul 11, 2020
    #1271
    Rideandrepair and Scooter Jones Thank this.
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  3. Jul 12, 2020 #1272
    Scooter Jones

    Scooter Jones Road Train Member

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    Last edited: Jul 12, 2020
    Scooter Jones, Jul 12, 2020
    Scooter Jones, Jul 12, 2020
    #1272
    Rideandrepair Thanks this.
  4. Jul 12, 2020 #1273
    Scooter Jones

    Scooter Jones Road Train Member

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    Scrolling through that spreadsheet is interesting. It's amazing how many midsize to large trucking companies received PPP money. I suspect that between the PPP & EIDL programs, overall truck capacity didn't shrink much at all.

    The guy I used to work for got between 1 & 2 million dollars through PPP. The drivers I know that run for him have all told me that they never slowed one bit since the CV-19 shutdowns. So in some ways, the PPP money could end up being a nice 'forgivable' boondoggle for some of these companies.
     
    Scooter Jones, Jul 12, 2020
    Scooter Jones, Jul 12, 2020
    #1273
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  5. Jul 12, 2020 #1274
    4noReason

    4noReason Road Train Member

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    can i take it and pay off my semi truck. i know its a loan. but itll go from 11.70% to 3.75% . im getting mixed reviews 50% say yes 50 say no
     
    4noReason, Jul 12, 2020
    4noReason, Jul 12, 2020
    #1274
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  7. Jul 12, 2020 #1275
    Scooter Jones

    Scooter Jones Road Train Member

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    Have you called the SBA and asked them?
     
    Scooter Jones, Jul 12, 2020
    Scooter Jones, Jul 12, 2020
    #1275
  8. Jul 12, 2020 #1276
    Scooter Jones

    Scooter Jones Road Train Member

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    Another option would be to try and refinance the existing note on your truck. 11.70% is pretty high.
     
    Scooter Jones, Jul 12, 2020
    Scooter Jones, Jul 12, 2020
    #1276
  9. Jul 12, 2020 #1277
    4noReason

    4noReason Road Train Member

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    yes i was 795 in line. so i hung up
     
    4noReason, Jul 12, 2020
    4noReason, Jul 12, 2020
    #1277
    77fib77 Thanks this.
  10. Jul 12, 2020 #1278
    Scooter Jones

    Scooter Jones Road Train Member

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    There is ample printed information available online, and on this very thread, about how the EIDL money can and can't be used. I think it ultimately comes down to how each individual interprets SBA term "working capital".

    As I recommended, you might want to check with a local community bank on a refinance of that loan.
     
    Scooter Jones, Jul 12, 2020
    Scooter Jones, Jul 12, 2020
    #1278
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  11. Jul 12, 2020 #1279
    xsetra

    xsetra Road Train Member

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    yes you can apply for both PPP and EIDL
     
    xsetra, Jul 12, 2020
    xsetra, Jul 12, 2020
    #1279
    gerardo1961 and Rideandrepair Thank this.
  12. Jul 12, 2020 #1280
    Rideandrepair

    Rideandrepair Road Train Member

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    Yep, just need a copy of your schedule c in a pdf file, along a few more things, like February banks statement, maybe more tax papers, if requested after submitted.
     
    Rideandrepair, Jul 12, 2020
    Rideandrepair, Jul 12, 2020
    #1280
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