looking fit more information about this but the IRS hates small businesses, bunnies, and Humanity…
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I’ve read several of these articles, and they all stump me as to where the outrage is coming from.
The money is being provided tax free. To allow you to then deduct expenses paid from those tax free proceeds, would amount to even more free money, essentially a double tax benefit.
Or am I missing something?
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No EIDL yet
No personal stimulus yet
PPP money deposited Friday into our account.
Seem to be in a little bubble that I attribute to our tech industry. We will not hit our aggressive sales goals set but we are matching last years sales. Really only window cleaning took a hit in March/April. Other services were in high demand. Blessed
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And PPP probably saved us. We were just keeping our head above water really.
I did not get paid for 2 months and zero debt was being paid down. Without PPP I would have put a small dent in the debt in the busy months and not had many options for the summer slow down.
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has anyone received the EIDL??
I got an email saying im in the queue last week but that was it
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Just had dinner with two friends that I had originally sent the link to. They said that they received their money about 4 weeks after receiving the email that their eidl application had been received. I received the email last week. We’ll see where it goes.
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A ping on my credit report from the SBA on April 19th, and the the same email you got last week. Thats all from EIDL.
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EIDL advance received. EIDL Loan app is in progress. No idea when a decision will be made. Evidently, the SBA tells the borrower how much the loan will be but the terms are (30yr @ %3.75). That is a pretty good deal and a small monthly payment to have access to cash for expansion.
PPP was signed, maybe this week we will get the money deposited.
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Got a $2k advance, but no word on the loan. Where we’re at right now, I don’t think I’ll follow through with getting that loan, anyhow.
The way I read it, if you get an advance/grant from the EIDL, it reduces the amount of forgiveness on the PPP. So I’m planning on paying back the $2k within 2 years (under the terms of the PPP). Not a big deal. But those who have more employees and received a larger advance should keep it in mind.
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@Bruce nothing but generic emails on EIDL
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We got our EIDL money over a week ago. It’s sitting in the saving account until I get clear information on how to use it
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Do you have a link to the source on this info? I didn’t know this.
the up to 10K EIDL is not free and clear if you got PPP loan money. It is only free and clear if you spend the PPP on payroll and the EIDL on everything but payroll. Any of the EIDL money spent on payroll has to be paid back.
The way I read it, it goes even further than that. Any EIDL advance received automatically reduces the amount of forgiveness for PPP, regardless of how it’s spent.
I’m not sweating it, and I’m hoping I’m reading that wrong. But I am preparing to pay back that $2k at some point in the not-too-distant future.
same amount here too, so much for 10k, but has anything been accurately presented lol
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What everyone else said. Whatever EIDL advance you get it reduces your forgiveness on PPP. However, at 1% interest on PPP, I wouldn’t sweat it that much. So $2k or whatever the number is repaid over 2 years after a 6 month forbearance on payments is only $80-90 per month.
my business got denied by the @SBAgov on the EIDL Loan application. I guess 7 weeks being shut down, 90% of our staff laid off, -35k+ on our P&L and overall sales down 30% YTD didn’t classify as a legit economic impact.
So now I wonder if the EIDL advance will be forgiven ? Or will they roll the advance on your PPP loan ? So many unknowns
From what my accountant and banker are telling me…
PPP money needs to be spent on payroll (atleast 75%)…
EIDL Advancement is forgivable but I cannot spend a dime of it on Payroll
… otherwise the EIDL advancement will count against my PPP loan forgiveness.
I was hoping to get the EIDL loan (30 Years, 1% interest, no collateral for 25k or under)… wanted to keep that for spring marketing in 2021. Can’t go wrong on that type of a loan.
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We got approved for EIDL up to $150K. Over $150K requires personal guarantee. Can accept from $1K to $150K, all at 1% for 30 years, payment and interest don’t start until 12 months after loan funding. Anything over $25K requires pretty much everything owned by the company as collateral; vehicles, equipment, real estate, A/R, and toilet paper.
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