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EIDL for accounts payable?

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

  1. Aug 2, 2020 #1
    Zambet Transport

    Zambet Transport Bobtail Member

    2
    0
    Aug 2, 2020
    Sandy, OR
    0
    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.
     
    Zambet Transport, Aug 2, 2020
    Zambet Transport, Aug 2, 2020
    #1
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  3. Aug 2, 2020 #2
    Old Man

    Old Man Road Train Member

    4,597
    13,466
    Apr 3, 2009
    Oklahoma City, OK
    0
    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.
     
    Old Man, Aug 2, 2020
    Old Man, Aug 2, 2020
    #2
  4. Aug 2, 2020 #3
    Accidental Trucker

    Accidental Trucker Road Train Member

    3,088
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    Jun 4, 2015
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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.
     
    Accidental Trucker, Aug 2, 2020
    Accidental Trucker, Aug 2, 2020
    #3
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