Just applied for EDIL Grant and PPP SBA loan

Discussion in 'Ask An Owner Operator' started by bigtravelr, Apr 5, 2020.

  1. bigtravelr

    bigtravelr Light Load Member

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    Took about 20 minutes total. Here are the links sole proprietor schedule c ( most leased on owners) are eligible.

    SBA - Disaster Loan Assistance
    No paperwork required
    I think this one expires in September
    can get 10,000

    Apply for Paycheck Protection Program loans | Kabbage, Inc.
    only schedule c was required or payroll forms if you are organized as a corporation
    This one expires June 30
    can get 2 times monthly net income based on schedule c net income

    After seeing the sharp drop in rates I decided to apply for both programs. I don't need the money now but who knows ho bad it will get.

    I'll update this post with the results.
     
    blacklabel, baha, rachi and 3 others Thank this.
  2. Hegemeister

    Hegemeister Road Train Member

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    So are they saying as an owner operator, sole proprietor, the loan can become a grant?
     
  3. Midwest Trucker

    Midwest Trucker Road Train Member

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  4. lsnook24

    lsnook24 Light Load Member

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    don't need the money now but who knows ho bad it willget.

    Everyone wants something for nothing that's so sad.
     
    Last edited by a moderator: Apr 11, 2020
  5. bigtravelr

    bigtravelr Light Load Member

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    Yes if you use the PPP program to cover your net income. On the application it said if you use it for other purposes then you have to pay it back at 1% interest
     
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  6. bigtravelr

    bigtravelr Light Load Member

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    Feel free to return or donate your $1,200 check.

    I don't want to wipe out my savings due to a 50% drop in rates, if I don't have to
     
  7. runningman0661

    runningman0661 Road Train Member

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    I’ve never taken a government handout, and won’t start now. If things got so bad I had to park my truck, I would go work three jobs to keep a roof over my head and food on the table. Just the way I was raised. And before anyone says anything about the stimulus check, my household income was to high last year to qualify, so I won’t be sucking on the government teet on that BS either.
     
  8. jdp2011

    jdp2011 Bobtail Member

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    I agree with the above sentiment.

    In this situation the government forced companies to close and people out of work, I can't blame people for taking a government loan or handout to stay in business.

    When Covid 19 subsides we want there to be a business and jobs for people to come back to.
     
  9. Midwest Trucker

    Midwest Trucker Road Train Member

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    I never have either and feel the same, and no I don’t qualify either. However, I did apply for the two programs because I have 13 employees to look after and I’m not a bank. I hope it doesn’t come to that but trying to prepare anyway.
     
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  10. Opus

    Opus Road Train Member

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    I applied on line last week and haven't heard anything from them. I hearing I need to go to a bank?
     
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