$10,000 EIDL GRANT

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

  1. Blackhorse77

    Blackhorse77 Light Load Member

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    Some always assume others don’t know anything when others ask questions. These guys like to intimidate instead of helping out.
     
    Last edited: Apr 23, 2020
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  3. Scooter Jones

    Scooter Jones Road Train Member

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    I started this thread primarily to provide information on my own experience with EIDL and then the PPP.

    I've encouraged others to do the same. I'm hoping it stays that way and doesn't get closed down because of a host of reasons these mods use to close down threads on this site.

    Including ppl who start taking personal shots at others.

    Hopefully, you've learned something from reading here about the EIDL & PPP programs.

    If you or TAIWA need help with basic business structure and accounting practices, there's a plethora of threads on TTR for that.
     
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  4. Scooter Jones

    Scooter Jones Road Train Member

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    Btw, both the EIDL & PPP programs are receiving a fresh infusion of funding soon.

    I'd suggest any small business, who needs a little help because of the current economic situation, to apply for both programs.

    Neither programs are a cure all, however, they might be able to provide a little assistance in the interim.

    It's obvious what's ultimately needed though, and that's for the economy to open back up.
     
  5. Tug Toy

    Tug Toy Road Train Member

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    I had $2000 hit my account yesterday after a credit check on Monday from the SBA. I have now received funding from both programs. I did not file for unemployment as my understanding is that the other programs were used to keep as many as possible OFF unemployment.

    I’m going to keep my eye open for the loan program offer. If the economy can even remotely support me moving forward, I’ll be buying a new trailer this year before inflation takes hold and the lots are full of new equipment.

    ps. still no word on the stimulus check.
     
    Last edited: Apr 23, 2020
  6. Scooter Jones

    Scooter Jones Road Train Member

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    Exactly. If the SBA offers (through EIDL) an unsecured loan at 3.75% up to $25,000, with such favorable terms, why wouldn't a businessman take the offer? Unless the individual has an aversion to borrowing, or entangling themselves with the government on the basis of personal conviction, which I understand.

    You can park the money for one year before you any have to make a payment. If you decide you don't need it, give it back, or use the money to pay down an existing loan, or as you said, use the money to buy another piece of equipment at what will most likely be heavily discounted prices, if things continue the way they are.
     
    Last edited: Apr 23, 2020
  7. Scooter Jones

    Scooter Jones Road Train Member

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    Because the SBA (through the CARES Act) set aside additional funding for existing 7(a) borrowers, like my existing truck loan, they are deferring 6 mos of payments right now, followed by 6 mos of forgiveness.

    My truck balance at the end of the 12 mos period will be under $25,000. Which I intend to use (if given) the unsecured EIDL loan at 3.75% to pay off the existing SBA 7(a) loan which is at 5.5%.

    For me, it's a no brainer.
     
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  8. x1Heavy

    x1Heavy Road Train Member

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    Four words will fix all of this today by dinnertime.

    Open this Nation UP!

    and fast.

    Four little words.

    If this continues long enough we are not going to have a economy to open at all. Take Pork for example. Farmers are fixing to kill the herds rather than sell at a loss while closed meat plants drain coldstorage in about 2 weeks on that type of meat. Once the herds are culled its going to take years to get them back. At 50.00 bacon in the store.
     
  9. TallJoe

    TallJoe Road Train Member

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    I am getting heart palpitations on the very thought of that. What a BS to kill perfectly good herds! That's just beyond me to waste all the food while tens of millions are extending their hands for free money now. What are they gonna buy with that.. buy corn chips and drink corn syrup? I hate that!
     
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  10. Blackhorse77

    Blackhorse77 Light Load Member

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    If you have two owners, can each owner apply separately for the two loans mentioned? Or you apply for one loan for each plan offered? What’s reasonable amount to borrow? We borrowed quite a bit this year. I would love to refinance my track and my trailer as well, and some balances on credit cards?
    If they are going to use our revenue from last year, it was really low for us. My husband had an accident, dislocated his ankle and sustained fractures, so we had to shut down for five months. Can they use 2018 instead? It seems tragic events follow us. It would be nice to see a turn around of events.
     
    Last edited: Apr 23, 2020
  11. Blackhorse77

    Blackhorse77 Light Load Member

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    Do you know when that will happen eventually?
     
    Last edited: Apr 23, 2020
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