$10,000 EIDL GRANT

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

  1. RoadRanger^^

    RoadRanger^^ Light Load Member

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    Can i use those money for truck or trailer maintenance and be forgiven ? Thank.
     
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  3. Scooter Jones

    Scooter Jones Road Train Member

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  4. RoadRanger^^

    RoadRanger^^ Light Load Member

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    Thanks for replying but i don’t think this answer my question. I’m owner operator self employed.
     
  5. Scooter Jones

    Scooter Jones Road Train Member

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    Well, there's 67 pages on this thread, EILD has been covered every which way from Sunday ;-) Start reading.

    You mentioned being "forgiven", EILD is a loan.
     
    Last edited: Jul 25, 2020
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  6. TallJoe

    TallJoe Road Train Member

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    There are some voices saying that EIDL loans could be forgiven at least to some extent but those are at the very most of a speculative nature. As of now, there is stll no forgiveness.
    Besides, I am not so sure if maintenance and repairs are things that are considered as a working capital expenses per SBA guidelines, meaning that you may not be allowed to use the loan for that at all.
    Of course, using your own funds for repairs while utilizing EIDL for other qualified expenses is something that comes to mind.
    You must remember that they want you to account for every dollar you draw from the loan and showing that X amount was used on things like overhaul or turbo replacement may not look too good in the eyes of an official that would audit you.
    However, on a pragmatic side, I would not think twice of using the money for a turbo replacement, if all the money I had was the loan money.
    But I do have my maintenance money, so I don't have such dilemmas.
     
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  7. TallJoe

    TallJoe Road Train Member

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    I am sorry to be such a dick. Not only did I say that there is no forgiveness yet but also indicated that the things in question could not be paid by EIDL money at all.
    Therefore,
    Please correct my being wrong, anybody.
     
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  8. Scooter Jones

    Scooter Jones Road Train Member

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    The only portion of the EIDL that is forgivable (at this point) is the "advance/grant", represented by $1,000 per employee/sole owner of the business, up to $10,000 total. Everything related to total forgiveness of the EIDL is strictly speculative at this point.

    As far as using the loan (working capital) for questionable line items not specified in the terms of the contract, what can you say? Everyone will just maneuver through the process as they see fit anyways and hope for the best.

    Reality is that many borrowers won't last anyways.
     
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  9. Rideandrepair

    Rideandrepair Road Train Member

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    One thing it can be used for is pay. That’s pretty much self explanatory. If funds are needed for repairs.
     
  10. DUNE-T

    DUNE-T Road Train Member

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    Look at this guy now, he rode the wave really well, I kept watching him this whole time. Made a quarter million in one month!
     
  11. Scooter Jones

    Scooter Jones Road Train Member

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    Yeah that guy is quite the salesman. Just imagine how many people were steered (via Google algorithms) to TTR & this thread alone which has over 47,000 views.
     
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