EIDL for accounts payable?

Discussion in 'Ask An Owner Operator' started by Zambet Transport, Aug 2, 2020 at 2:55 AM.

  1. Zambet Transport

    Zambet Transport Bobtail Member

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    Sunday
    Sandy, OR
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    Hey guys, first post on here. I got an EIDL loan of $90,500 from the SBA. Anyone know if this can be used for accounts payable? I’d love to use this instead of factoring.
     
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  3. Old Man

    Old Man Road Train Member

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    Oklahoma City, OK
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    It would be best to get advice from a professional, not truck drivers. You use it wrong and penalties are big.

    but you didn’t get enough for a new Rolls Or a Lamborghini like some I’ve read about.
     
  4. Accidental Trucker

    Accidental Trucker Road Train Member

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    Depends what accounts payable are. Truck payments? Could be argued both ways. Fuel bills? Absolutely. Routine maintenance? Absolutely. Rent, utilities, memberships, etc, absolutely.

    It just takes a few months to wash it through your business for authorized expenses (labor, rent, most variable expenses) and then you can use your incoming cash flow to replace the factoring company.
     
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