$10,000 EIDL GRANT

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

  1. JMon

    JMon Bobtail Member

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    That appears to be the language for PUA(Pandemic unemployment insurance) which is the federal $600 per week plus whatever your state kicks in.
     
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  3. danny23tx

    danny23tx Road Train Member

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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 .
     
  4. JonJon78

    JonJon78 Road Train Member

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    Must be related to Blackhorse?
     
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  5. DUNE-T

    DUNE-T Road Train Member

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    It's probably her husband
     
  6. JonJon78

    JonJon78 Road Train Member

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    LOL... I kinda had the same thought.
     
    Last edited: May 1, 2020
  7. Rideandrepair

    Rideandrepair Road Train Member

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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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  8. Wespipes

    Wespipes Road Train Member

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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
     
  9. Taiwa

    Taiwa Bobtail Member

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    Yes it was the PUA.
    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.
     
  10. DUNE-T

    DUNE-T Road Train Member

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    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.
     
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  11. DUNE-T

    DUNE-T Road Train Member

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    Another thing. It says SBA restricts the use of funds for specified purposes.
    Screenshot_20200501-103819_Gmail.jpg

    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 now
     
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