https://www.sba.gov/funding-program...onomic-injury-disaster-loan-emergency-advance https://www.forbes.com/sites/briant...ans-eidls-what-you-need-to-know/#4acf5356120e Economic Injury Disaster Loan program was expanded to allow Gig Workers to take advantage of it. I do a side hustle with Uber. I was approved for the Loan and Grant (doesn't have to be paid back). There are restrictions on the usage of the loan. I was wondering if the Grant (which is given even if you don't take the loan/or not approved for the loan) is subject to the same restrictions? Also, the loan can be used for "business expenses", but not long-term debit. Does that mean credit cards? During the shutdown, I did major maintenance on my vehicle and paid for them with a credit card (mostly). Can I use the loan to pay off that debt? I need a new battery for the Impact wrench that is used to maintain the vehicle, can I use the money for that? I assume I can use it for normal expenses such as Gas, oil, parts, etc.? I can the SBA and the person is basically reading from a script...but I wanted more definitive answers. Any help?
I was approved for a good chunk of change but passed. It has so many hooks that you can’t get out from under unless you pay it off completely. You NEED to watch this. It’s boring af but it’s a real lawyer breaking the contract down. This video is mostly what I based my own decision on.
Same. Got approved for a huge amount but have not taken it. To my understanding it is for working capital but very restricted
That usually means the contract has the Devil's Details. I would recommend watching it again and again until I understood everything. Afterwards, get a second opinion if you're spooked. Then you can legitimately discuss fears. It's your money and your future pain.
Yeah, I added more to the msg. A good businessman needs a good lawyer and a good accountant. No one can do everything but they should know enough to know what they can't do to hire someone who can.
The amount I was approved for is small. I will use it for Gas, maintenance (parts), and tools for that maintenance. Also, to pay off credit used for maintenance (parts) done about a month ago during the shutdown.
I wonder if we can just present the credit card statements as documentation and charge whatever I want on the cards that I use for the businesses?
Got the grant and loan. Didn't think the restrictions were really that restrictive. UCC blanket which is pretty standard on all loans involving the SBA. I mean, its the SBA, not loanshark 123 Main st. Also, not your CPA or attorney but would pay off the credit card debt you acquired during the pandemic as a result from your business needing to survive. I believe thats allowed - as long as you are able to prove that you used those funds.
