That appears to be the language for PUA(Pandemic unemployment insurance) which is the federal $600 per week plus whatever your state kicks in.
$10,000 EIDL GRANT
Discussion in 'Ask An Owner Operator' started by Scooter Jones, Apr 3, 2020.
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Received my Eidl grant yesterday , I didn't even notice . One employee $1000 received , that will cover insurance and a tank of fuel .
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Last edited: May 1, 2020
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He just got the ppp mixed up with the pua, probably been too busy working up to this point. So far, I’ve received the $1000, on Monday, and 1 week pua on Tuesday. Only 1 week, because I worked 1 week, after applying. I’ll continue working as much as possible, using the pua for weeks I can’t. Fair enough. The ppp, though forgivable, is still due in 2 yrs. if it’s no forgiven. I can’t imagine that a Single O/O can justify getting both. If the EDIL loan offer becomes available, I’ll probably take it. But it will be used to retire other debt, and paid back ASAP. Nothing replaces Revenue. These programs are good if used properly, but for some it’s just going to postpone the inevitable. I don’t think it matters, in the big picture. The whole point of these programs is to inject cash into the system, short term. I think the Government knows a lot of Small Bussinesses will eventually go under, but by then the economy will be on the rebound.Maybe.
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At 2am chase sent me an email saying my ppp loan was approved and will be in my account within 3 business days
Rideandrepair, nikmirbre, Linte_Loco and 1 other person Thank this. -
I didn’t know we could be approve for it.
I applied for the PPP on 4/15 but after we got the approval notice from the state, I thought it was the PPP, so I called my bank to cancel my application for the PPP, cause I don’t want to send in multiple applications but I was told that it has been summited already. It was all resolved yesterday. I thanked you all for your help.Rideandrepair, nikmirbre and Linte_Loco Thank this. -
Since there is no personal guarantee with PPP loans vs EIDL, what stops a business from doing a bankruptcy and not paying it back?
Something like a restaurant in Miami gets a $100k loan, then even after country reopens, they can only stay in business till October or so, because people are broke and don't go on vacation this year.
They file for bankruptcy and don't return any money.Linte_Loco Thanks this. -
Another thing. It says SBA restricts the use of funds for specified purposes.
But how can they stop one from using it on something else? How can they stop an o/o paying off his 25% credit card debt with this 1% interest loan?
Are they really gonna ask how exactly the funds were used when you pay the loan back? And if you didn't use it for the specified purposes, is SBA gonna fine you or will they simply be happy, that you did not go bankrupt and paid the money back?
There is a lot of interesting questions without answers right nowNostalgic and Linte_Loco Thank this.
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