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$10,000 EIDL GRANT

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

Page 22 of 133
  1. Apr 15, 2020 #211
    Scooter Jones

    Scooter Jones Road Train Member

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    That's what ppl who have applied for the EILD will start seeing. They will pull a credit score on you.
     
    Scooter Jones, Apr 15, 2020
    Scooter Jones, Apr 15, 2020
    #211
    Rideandrepair Thanks this.
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  3. Apr 15, 2020 #212
    Wespipes

    Wespipes Road Train Member

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    Prob a good time to buy one. You can probably get it cheap.
     
    Wespipes, Apr 15, 2020
    Wespipes, Apr 15, 2020
    #212
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  4. Apr 15, 2020 #213
    TallJoe

    TallJoe Road Train Member

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    Apr 12, 2016
    Chicagoland
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    I received stimulus money today. $2900 (2x$1200 + $500) for me. That's nice. Thank you President Trump.
     
    TallJoe, Apr 15, 2020
    TallJoe, Apr 15, 2020
    #213
    Midwest Trucker, Rideandrepair and Wespipes Thank this.
  5. Apr 15, 2020 #214
    TallJoe

    TallJoe Road Train Member

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    Technically, this is stimulus money....so indeed, the purpose of the money is go out there and buy stuff...inject it back into the economy veins. But ....what do I buy now when all the toy stores are closed....?:(
     
    TallJoe, Apr 15, 2020
    TallJoe, Apr 15, 2020
    #214
    Rideandrepair Thanks this.
  7. Apr 15, 2020 #215
    danny23tx

    danny23tx Road Train Member

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    Feb 16, 2016
    Austin,Tx
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    I have been watching prices , hopefully I can get a deal.
     
    danny23tx, Apr 15, 2020
    danny23tx, Apr 15, 2020
    #215
    Rideandrepair Thanks this.
  8. Apr 15, 2020 #216
    Scooter Jones

    Scooter Jones Road Train Member

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    I'll reiterate that if someone hasn't applied for the PPP and are interested in doing so, consider going through a fintech company as opposed to a traditional bank.

    The mega banks really don't want to deal with small business people. The smaller community banks, credit unions, etc, are more inclined to work with the small business, however, they are so inundated with trying to help their existing customers, it's difficult to get your foot in the door.

    Here's a link with some of the SBA's recently approved fintechs

    If you want to see how PayPal has outlined the application process, you can follow this link.

    Just be sure to scroll down the page.

    Some ppl I know are telling the banks are requiring them to provide a completed 2019 tax return, or that they can't get PPP money because it's only for those who pay themselves W-2. That is not true.

    The way my bank put it was I would need to provide an "internally" prepared report for 2019 IF I hadn't completed my 2019 tax return yet. In my case, I had already finished mine, so it was a moot point. The way I look at it, an "internally prepared" report would be a P&L statement which is easily generated on QuickBooks or any other tax accounting software.
     
    Scooter Jones, Apr 15, 2020
    Scooter Jones, Apr 15, 2020
    #216
    roshea, Rideandrepair and Linte_Loco Thank this.
  9. Apr 15, 2020 #217
    Wespipes

    Wespipes Road Train Member

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    Jul 14, 2019
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    I've been throwing around the idea of buying a throw away truck. Just park it on my property. Been seeing some insanely cheap trucks. I do need a better trailer. So maybe I should focus on that 1st
     
    Wespipes, Apr 15, 2020
    Wespipes, Apr 15, 2020
    #217
    Rideandrepair and danny23tx Thank this.
  10. Apr 15, 2020 #218
    Linte_Loco

    Linte_Loco Road Train Member

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    Apr 24, 2011
    LA (lower Alabama)
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    This is what my credit union required. Emailed documentation and signed emailed documents. Very easy with a small local credit union. Especially if you already are a member


    Good Afternoon,


    We have begun taking application for 1099 and sole proprietors for the PPP Loan. Please send the following to me so that I can begin to process your application

    -1099 for 2019

    -2019 tax return, including schedule C and K1s

    -2018 tax return

    -Application (attached)

    -Driver’s License

    If you do not have your tax return completed for 2019 please send either a draft 2019 tax return from your cpa or cpa compiled balance sheet and profit & loss sheet for 2019. If you have any questions for the items requested please give me a call
     
    Linte_Loco, Apr 15, 2020
    Linte_Loco, Apr 15, 2020
    #218
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  11. Apr 15, 2020 #219
    Scooter Jones

    Scooter Jones Road Train Member

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    Correct. Yet, there any MANY banks who are telling small business guys they need W-2's or a completed 2019 tax return. Which as I said, is patently incorrect. A "draft" 2019 tax return is simple to do, especially if one is using an accounting software program already.
     
    Scooter Jones, Apr 15, 2020
    Scooter Jones, Apr 15, 2020
    #219
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  12. Apr 15, 2020 #220
    Linte_Loco

    Linte_Loco Road Train Member

    1,618
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    Apr 24, 2011
    LA (lower Alabama)
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    The main thing the lender is looking for and trying to prove is income I believe. Looks like many lenders are confused
     
    Linte_Loco, Apr 15, 2020
    Linte_Loco, Apr 15, 2020
    #220
    Rideandrepair Thanks this.
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