$10,000 EIDL GRANT

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

  1. Rideandrepair

    Rideandrepair Road Train Member

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    I’m the old man who drives the junk 65 Chrysler.
     
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  3. Scooter Jones

    Scooter Jones Road Train Member

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    The current Landing Page For EIDL Application

    SBA EIDL PAGE.JPG
     
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  4. Scooter Jones

    Scooter Jones Road Train Member

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    COVID-19 Aid To Small Business Owners Trickles Out As SBA Clarifies CARES Act Rules For Sole Proprietors

    "J. Kirk McGill, an attorney with Godfrey|Johnson, P.C. in Englewood, Colorado, helped some of his clients apply for aid from the SBA. As of Tuesday, one five-employee firm received a $5,000 EIDL advance; another business with one owner-employee received a $1,000 advance, according to McGill.

    No client has received an actual EIDL loan, or even so much as an email to discuss the loan application,” McGill said in an email. “Clients also report the SBA pulled their credit report multiple times for the same EIDL loan, which has damaged their credit.”
     
  5. nikmirbre

    nikmirbre Road Train Member

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    Yes, mine was pulled multiple times!!!
     
  6. JonJon78

    JonJon78 Road Train Member

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    Credit?
     
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  7. Scooter Jones

    Scooter Jones Road Train Member

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  8. nikmirbre

    nikmirbre Road Train Member

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    Yes, I didn’t pay much attention to my emails. I received a notice from my discover card that my credit had a new inquiry. I then received 2 notices from credit karma. Thinking it was all the same inquiry. It was 3 different inquiries on 2 different days.
     
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  9. JonJon78

    JonJon78 Road Train Member

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    You dont keep them locked?
     
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  10. nikmirbre

    nikmirbre Road Train Member

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    I thought locking credit meant they couldn’t check at all?
     
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  11. Scooter Jones

    Scooter Jones Road Train Member

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    How much can I apply for?
    You will not be asked how much you would like to borrow. The SBA uses the information you provide to determine the loan amount. Small businesses can receive a secured loan up to $2 million, and an unsecured loan up to $25,000.

    What is the lending criteria?


    • Credit History – Applicants must have a credit history acceptable to SBA. Traditionally, this has been around 620, but SBA will look at extenuating circumstances and consider the impact of the pandemic on the business.
    • Repayment – As with all loans, you will need to prove you have the ability to repay. Repayment term can be as long as 30 years.
    • Collateral – To get loans greater than $25,000, you must provide collateral. Loans under $25,000 can be unsecured.
    What are the terms?

    The interest rate is 3.75%

    SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
     
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