Sticky For Covid Businees Info - Page 59 - Off Topic (Non Trade) - Contractor Talk

Sticky For Covid Businees Info

 
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Old 05-30-2020, 12:27 PM   #1161
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Re: Sticky For Covid Businees Info


Wait, so I couod have got an EIDL as a conventional loan at 3%?

Damn, thats a cheap ass business loan. Any collateral or anything required? I thought that was the one where they were just handing out 1k per employee?
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Old 06-14-2020, 06:09 PM   #1162
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Re: Sticky For Covid Businees Info


Got another email for approval for EIDL.
I guess just lagging behind.
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Old 06-14-2020, 06:35 PM   #1163
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Re: Sticky For Covid Businees Info


Quote:
Originally Posted by Deckhead View Post
Wait, so I couod have got an EIDL as a conventional loan at 3%?

Damn, thats a cheap ass business loan. Any collateral or anything required? I thought that was the one where they were just handing out 1k per employee?
EIDL no collateral.

For the newest disaster loan, no collateral 25K or less, collateral over 25K. The new loan can be used for any business expense.

Tom
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Old 06-14-2020, 07:37 PM   #1164
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Re: Sticky For Covid Businees Info


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Originally Posted by tjbnwi View Post
EIDL no collateral.

For the newest disaster loan, no collateral 25K or less, collateral over 25K. The new loan can be used for any business expense.

Tom
It's a bit more complicated than that, but it is changing daily. There are House meetings on that now, next one is Wednesday. Basically it can be used for working capital only, not paying off long term debt. Cant buy buildings, equipment, cars etc.

Possible this week the grant portion will be $10k again no mater how many employees you have, but I am not sure if the PPP forgiveness will have it all deducted. Now the EIDL grant money amount is deducted from the PPP forgiven amount

Last edited by rrk; 06-14-2020 at 07:41 PM.
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Old 06-15-2020, 07:24 AM   #1165
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Re: Sticky For Covid Businees Info


We were eligible to apply for forgiveness on 6/10. This is what we see when we go to apply:

FIRSTBANK PROCESS
We will be using an online application portal for the forgiveness application process, similar to what was used for the initial loan application. We are not yet accepting forgiveness applications as we await additional information from the SBA to finalize our process. We will provide updates to our customers as the information becomes available.
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Old 06-15-2020, 07:45 AM   #1166
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Re: Sticky For Covid Businees Info


They are making things up as they go along, everything is written in pencil so they can change it as needed. I think I will do that with my next contract.

One thing I was told is that everyone who takes an EIDL over $25k will be audited, under $25k much less likely. You need receipts for what you used the money for, not just whats in your books actual receipts.

Last edited by rrk; 06-15-2020 at 07:49 AM.
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Old 06-16-2020, 12:40 PM   #1167
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Re: Sticky For Covid Businees Info


How could you ever prove which dollars went where? Go to an ATM, write down the serial number of those exact bills, then photograph yourself handing those exact bills to the retailer as you spend them?

They gave me $1,000. I bought paint with it. I think. Maybe some was paint and some was trash bags. I don't know. Hard to say. Probably should have just said no thanks.
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Old 07-07-2020, 05:32 AM   #1168
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Re: Sticky For Covid Businees Info


I think PPP is going to be extended until August 8th? Didn't catch the details.
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Old 07-07-2020, 11:45 AM   #1169
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Re: Sticky For Covid Businees Info


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How could you ever prove which dollars went where? .
Put that money into a separate account and only use that money for payroll


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