$10,000 EIDL GRANT

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

  1. Scooter Jones

    Scooter Jones Road Train Member

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    Correct...
     
    Rideandrepair and nikmirbre Thank this.
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  3. nikmirbre

    nikmirbre Road Train Member

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    Yes so I had to unlock it knowing I was gonna have an inquiry from SBA....
     
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  4. JonJon78

    JonJon78 Road Train Member

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    I was wondering about this, so if a guy has a terrible credit history already he's SOL getting any help pretty much.
     
  5. Scooter Jones

    Scooter Jones Road Train Member

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    Most likely, unfortunately with EIDL. I've read that the SBA might bend their 620 minimal requirement. Who knows.
     
  6. Blackhorse77

    Blackhorse77 Light Load Member

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    It shouldn’t affect your credit much when pulled multiple times. When people shop for a loan, your credit might be pulled several times from different institutions. It doesn’t much affect your credit score if pulled out within two weeks I was told by a lender.
     
  7. Scooter Jones

    Scooter Jones Road Train Member

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    I would say that the $25,000 "unsecured" loan is probably what most small operators will be offered. They're not going to give a $2,000,000 secured loan to someone with 1 truck and an annual revenue of $200,000 LOL
     
  8. Taiwa

    Taiwa Bobtail Member

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    Scott Jones
     
  9. Taiwa

    Taiwa Bobtail Member

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    I have a question on payroll.
    (1) How can you pay yourself if the business is making $133,000 - $150,000 a year?
    (2) Do you do your own payroll?
    If so what software do you used?
    (3) Do I need a accountant?
    Any other information or tips will be greatly appreciated.
    Thank you!
     
  10. Scooter Jones

    Scooter Jones Road Train Member

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    As a Sole Proprietor or Partnership filing a Schedule C, you wouldn't be paying yourself on payroll. Your taxes are based on Revenue minus expenses equals net profit. You pay taxes on that.

    I use Quickbooks Pro for all of my accounting, including the payroll the S Corp pays me as an employee.

    As to your first question, I'm not sure what you mean.
     
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