$10,000 EIDL GRANT

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The PPP definitly was much quicker to get, I applied the evening of May 10,was approved and Docusigned a couple hours later. PPP 'loan' was deposited on the 12th. I read later that the PPP program applications have really slowed because of so much uncertainty about the forgiveness requirements.

 

So if I use it for payroll, I have to keep receipts?? I mean I do show where I transfer X amount per week from the business account(where the SBA funds are) to my personal account....

Of course Im talking about in regards to trying to stay on track to get the loan forgiven.

 

Yes, you have to start taking in as payroll, immediately. I think it’s a 8 week period. Bank documents accepted as proof. Forgiveness is considered, as soon as money’s spent. Bank approve it.

 

Yea I do, use it as payroll only. Transferring X amount per week to my personal account.
But I have to show what I use that payroll money on?? I assumed the bank transfer records would be good enough for show...

 

Some of the guidelines say, once you get a loan approval #, it has to be funded within 10 days. Also you must provide documentation within a few weeks, or it gets cancelled. Basically you need to know for sure, you’ll have the needed documents. It’s all on the sba website.

 

You show a transfer, or write a check to yourself, or any other employees. I think health ins. and retirement contributions, vacation are considered pay, Other things like mortgage interest, Utilities , Insurance, debt pymts. Can’t exceed 25%. Best to read the sba, I’m not the Guy with the answers. If you read this thread, Scooters done an excellent job explaining everything.

 

I decided to stay active and work with low rate freight market as long as it makes economical sense.
Seeing the common consensus on the notion of utilizing PPP loans, I also decided to apply for one.
The line for reasoning is this: Apart from the obvious and official hardship caused by Covid-19, the factor of staying competitive in this difficult market needs to be taken into account. Since so many of my peer competitors have been boosted with "free cash", then by my rejection of the loan, I would put myself into an inferior position.
I applied yesterday afternoon, utilizing PayPal "Loan Builder" tool. The process was smooth and straightforward, definitely, not requiring a 3rd party help. Today, I received paperwork to sign vie docusign along with the terms and amount of the loan. Now, the application will go through final underwriting review and then, provided the funds will have not been exhausted yet, the loan agreement will be submitted for me to sign and funds disbursed.

 

My stimulus check finally showed up today via snail mail.

 

Mine too

 

Friend of mine got approved EIDL for 59k, and 19 k ppp

 

I guess I’ll take the EIDL if it’s offered. I have credit card debt from a recent overhaul. The only thing that bothers Me, is I had a plan to pay it off within 2 yrs. Half of the 18k is on a 12 mo 0% card. The other half, at a high rate. I’ve paid extra on it for 2 mos. The low % rate of the EIDL, along with the 30 yr term, will be easily a loan that never goes away. Like a heloc or a college loan.Always something else in life. The incentive paying off high % rate card being gone, too easy to just Service the debt, at 3.75%. Knowing how things can go, I’m Leary about shuffling debt, and the strings attached to it. Self Discipline is needed. But health issues, or any risk involved with Trucking, as most know, can change things quickly. I’ll have to think long and hard, before signing up.