$10,000 EIDL GRANT

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

  1. Rideandrepair

    Rideandrepair Road Train Member

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    Been there, easy money is like Dope. Makes you feel good for a while, but can destroy your life. The bottom line is, if I owe money on a House, Truck or Car, it’s not mine. It’s the Banks. Being buried in debt, was the worst feeling I’ve ever had.Talk about doom and gloom. Filing Bankruptcy was the closest to hitting the Lottery, I’ll ever be.
     
    Scooter Jones, mladen86 and JonJon78 Thank this.
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  3. zim330

    zim330 Bobtail Member

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    May 11, 2020
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    I understand, while a few years younger I have had some of those same thoughts. In my situation with no debt I will probably take a smaller loan just in case it does not get better sooner rather than later.
     
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  4. Constant Learner

    Constant Learner Light Load Member

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    What about if in the near future due to the coronavirus hardship portion of the loan is forgiven?

    You could sell your old equipment and buy a better one with this cheap and affordable money.
    You simply won't find another loan like this one.

    A $100К life insurance for 10 years would take care of your worries.

    I am waiting 50K to hit my account at any moment. But it took me 4 days to sign
    the closing documents.
     
    rachi Thanks this.
  5. valerchekk

    valerchekk Light Load Member

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    Do you guys know what EIDL can be used for?
    SBA guidelines clearly state that it can't be used for "Acquisition of fixed assets" and "Repair or replacement of physical damages" So you can't overhaul your engine or purchase, lets say, a reefer trailer?
     
  6. nikmirbre

    nikmirbre Road Train Member

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    Im still patiently waiting for my offer......:):D
     
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  7. Rideandrepair

    Rideandrepair Road Train Member

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    Looks like my application came in yesterday in junk mail. From disaster customer service, all one word heading. They say the we’re ready for next step. Meanwhile, I’m still waiting on my taxes to be done. To make matters worse, I inadvertently waived a week of unemployment. What a mess. I hate dealing with any Government crap. I guess I’ll need my schedule K for 2019 to proceed. At this point, I’ll take the 25k if offered. Never know what the effects of a second round will be on Freight volumes and rates. Either way, it could end in disaster. Might as well go out with a bang.
     
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  8. Constant Learner

    Constant Learner Light Load Member

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    Yes, we can, according to the closing documents:
     
  9. Scooter Jones

    Scooter Jones Road Train Member

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    The $85,000 back to the SBA cleared my bank account this morning.

    It was kind of funny yesterday when I talked to the lady at the SBA and told her I wanted to know how to send the $85,000 back.

    She was like stunned and said all of the calls she's taken are from people wanting to know "WHERE'S MY MONEY?" Not asking how to send it back LOL.
     
    Last edited: May 27, 2020
    Rideandrepair and Midwest Trucker Thank this.
  10. Rideandrepair

    Rideandrepair Road Train Member

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    Well, my taxes are finally done. I’ll be surprised if I’m showing more than 20k profit, I had such a bad year. Lot of downtime. Maybe still qualify for a small loan, we’ll see. Meanwhile, I see the next stimulus package has some ppp program extensions. I may benefit a little yet. Sinking fast as it is, but manageable.
     
    mladen86 and Scooter Jones Thank this.
  11. Rideandrepair

    Rideandrepair Road Train Member

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    Well, bottom line was 24,846. Fed tax due-$0. State tax-$537 refund. Cost to due taxes-$425. Net result of tax liability for the year,-$113. The reason being, my health care tax credit is based on $40k. So I qualified for more of a subsidy Han I took on a monthly basis.I try to keep it based on a higher amount, than I make. In lieu of making quarterly pymts. The difference usually covers most of my Fed tax liability. Works for Me. I’d better take anything under $25k they offer Me. Simply because based on 2018,and 2019 taxes, I’ll have a hard time qualifying for any loan, other than a car loan. I notice a lot of offers for credit to buy Equipment. EIDL must be impacting the finance markets, putting a hurt on their Bussiness.
     
    Scooter Jones Thanks this.
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