Covid 19 Business loans,SBA loans are eligible?

Discussion in 'Trucker Taxes and Truck Financing' started by mortal_oean, Mar 28, 2020.

  1. mortal_oean

    mortal_oean Bobtail Member

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    Wondering if self Employed single or owner of two trucks business are eligible for SBA ,or Disasters loans if so would it be through States Or feds.
    This info might help truckers save their Business or pay rent or Mortgages who are not able to go out and work because of underlying Conditions or cuz they are Caring for loved one or cant get out cuz of the School closures.
    Any information shared would be be Greatly appreciated by Many of us and might actually be Benificial.
    Keep on rolling And be Safe out there.
     
    Lite bug Thanks this.
  2. kemosabi49

    kemosabi49 Trucker Forum STAFF Staff Member

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  3. pullem

    pullem Bobtail Member

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    Yes, every business owner (including sole proprietors & 1099 contractors) are eligible. You apply at sba.gov since it's federal. Select the EIDL loan option. Even if you're a 1 man operation...be sure to include yourself as an employee. Request the advance and include your bank info.

    Good luck & be safe out there!
     
    Last edited by a moderator: Apr 1, 2020
    Reason for edit: Advertising
  4. DUNE-T

    DUNE-T Road Train Member

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    I applied last night also, will see what happens
     
  5. pullem

    pullem Bobtail Member

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    Be sure to give us an update! I applied for my business, then 3 hours later applied for a client. Just counting the application #, the difference was over 45,000. I can't imagine how they're going to process applications and give out funds to everyone.
     
  6. kemosabi49

    kemosabi49 Trucker Forum STAFF Staff Member

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    Going to be interesting when all of this is over. When the SBA and their auditors start looking to see how many fraudulent applications were processed that got the 10k grant money. I'm sure there are many out there trying to figure a way to say they are a business just to get this grant money.
     
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  7. DUNE-T

    DUNE-T Road Train Member

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    You have to put your tax ID and address in the application. While it does not remove fraud completely, they can look you up to see if you are a legit business
     
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  8. kemosabi49

    kemosabi49 Trucker Forum STAFF Staff Member

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    By the time they look you up the 10k would be long gone, as they are required to give the grant money within 3 days of the application. And I can go online to the IRS and get a EIN instantly.
     
    x1Heavy Thanks this.
  9. runningman0661

    runningman0661 Road Train Member

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    Well I don’t see the point applying for a loan or grant if your still out here working moving freight? To me that’s fraud, there actually are business who need the money. Just like any other government program it will be full of fraud and false claims with no real oversight.
     
  10. Scooter Jones

    Scooter Jones Road Train Member

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    Well, it's Monday April 6th 2020.

    How many of you who applied for the EILD "ADVANCE" 3 days ago woke up today with that 10,000 bucks in your bank account? ;-)
     
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