$10,000 EIDL GRANT

Thanks.

He posted a link that has includes the terms of the loan itself here EIDL Loan - Images

The collateral agreement is something I would definitely not want. As I had stated earlier on this thread (appears as though I was correct) the maximum loan amount for a non-collateral loan is $25,000

 

I would encourage anyone who has applied for the EIDL and is considering taking the full collateral amount over $25,000 (if offered) to think twice. The collateral terms are VERY heavy handed.

 

Actually, what he stated was $96,000 was his gross profit BEFORE deductions, not his NET profit.

 

That is correct. That seems like a large loan for that 'small of a gross

 

Agreed

 

Can't even move without their permission LOL

 

The SBA is known for putting a lien on everything you own when you get a business loan through them.

Equipment commercial property residential property everything.

I would never take a secured loan through them.

 

I found the email in my junk folder. From May 2nd, Just wait and see now. From what I’ve read, upon getting the PPP loan, they take $1000 advance from EIDL off the top. Also if EIDL funds were used for payroll, PPP must be applied to pay off that portion of the EIDL. Maybe it’s all optional, just something I noticed in the language from SBA website. Apparently the PPP is much easier and quicker to get. I’m not getting my taxes back till next week. Time to find a new Accountant, after 24 yrs. same old story, newer generation ruins the Bussiness.