$10,000 EIDL GRANT

Sorting through the data on PPP loans: A road map from FreightWaves - FreightWaves

85% of PPP Loans were under 150k but only comprised 25% of the money loaned.

 

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.

 

Have you called the SBA and asked them?

 

Another option would be to try and refinance the existing note on your truck. 11.70% is pretty high.

 

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.