EIDL

Discussion in 'Ask An Owner Operator' started by Trucker27971, Jul 3, 2020.

  1. Trucker27971

    Trucker27971 Bobtail Member

    4
    2
    Jul 2, 2020
    0
    Hello everyone, I just got a big sum of money from the EIDL program, I own two trucks and trailers, small company operations, can this money be used to pay for every day trucking expenses,how about truck and trailer payments??
     
  2. Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.

  3. kemosabi49

    kemosabi49 Trucker Forum STAFF Staff Member

    5,425
    15,209
    Jan 13, 2013
    SW Arkansas
    0
    USe the search feature at the top of the page. Lots of EIDL info there
     
  4. bad-luck

    bad-luck Road Train Member

    1,097
    1,126
    Nov 16, 2013
    Baltimore, Maryland
    0
    I would check the rules on the website. You can potentially get in some serious legal trouble, if you use it on something that you are not supposed to
     
  5. SteveScott

    SteveScott Road Train Member

    3,233
    9,192
    Nov 10, 2015
    0
    EIDL unlike PPP is a simply a low interest loan with no restrictions on how you can use it. The initial grant of up to $10,000 ($1,000 per employee up to a max of 10) that was offered is forgiven, but you will owe the full balance of the EIDL loan over 30 years. Payments are deferred until next year.
     
  6. Trucker27971

    Trucker27971 Bobtail Member

    4
    2
    Jul 2, 2020
    0
    No restrictions?? It’s full of restrictions on the things you can can and can’t use the money
     
    Beaver9 Thanks this.
  7. SteveScott

    SteveScott Road Train Member

    3,233
    9,192
    Nov 10, 2015
    0
    Not the EIDL loan. The PPP is full of restrictions because large portions of it can and probably will be forgiven. The EIDL portion of the program is like any other low interest disaster relief loan, and can be used for any legitimate business expense.
     
  8. valerchekk

    valerchekk Light Load Member

    57
    81
    Feb 8, 2014
    0
    Not true. EIDL is full of restrictions too. Its called Economic Injury Disaster Loan for a reason. For a one man truck operation the eligible uses of funds are very limited. You can probably pay yourself a salary, truck insurance, parking fees and some other minor business expenses but thats about it. Do you really need $$$ 80,100, 150k for that? I don't think so.
     
    Beaver9 and TallJoe Thank this.
  9. valerchekk

    valerchekk Light Load Member

    57
    81
    Feb 8, 2014
    0
  10. Evilrock

    Evilrock Bobtail Member

    1
    1
    Mar 16, 2009
    Lincoln,Ne
    0
    These are working capital loans that may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. You can pay insurance, fuel, truck payments....
     
    SteveScott Thanks this.
  11. SteveScott

    SteveScott Road Train Member

    3,233
    9,192
    Nov 10, 2015
    0
    So in other words, the same restrictions that would be on most any other small business loan? Anybody who takes out a small business loan just to pay themselves a bonus, make payments on another loan, or to relocate, probably shouldn't be in business to begin with. They were designed to help cover normal operating expenses during the shutdown. The restrictions that you listed won't do a thing to hinder that for anybody with half a brain.
     
  • Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.

  • Draft saved Draft deleted