Economic Injury Disaster Loan-SBA

[billyb]

The problem is getting a straight answer on what you are allowed to spend it on.

 

[goillini52]

The problem is getting a straight answer on what you are allowed to spend it on.

Hookers, booze and weed?

 

[chad kandaris]

The problem is getting a straight answer on what you are allowed to spend it on.

Did you get funded yet. I just got my approval email and did step 3 for signing. Wondering how long after this to get the money deposited.

 

[billyb]

No money yet. My CPA says that I should accept an amount less than $25,000 to stay off the SBA radar. Not sure you can make any changes after approval.

 

[wehotex]

You may be aware, but that isn't the program that OP referenced. You can apply for the EIDL directly with the SBA. The PPP needs you to apply with a bank, and as you noted the majority require a pre-existing relationship.

I am late to the game in trying again. When I applied the first time in June, Wells Fargo (my bank of 20 + years) gave me the runaround by insisting that I needed a BUSINESS ACCOUNT and that my PERSONAL wouldn't be accepted. Has there been any loosening up since then? I could also try Chase since I have an account there as well.

 

[billyb]

I applied for a EIDL and never talked to anyone.

 

[wehotex]

I applied for a EIDL and never talked to anyone.

What is EIDL? No bank involved?

 

[billyb]

Economic Injury Disaster Loan from the SBA. Completed a simple application was approved and was recently funded. Talked to no one during the whole process.

 

[wehotex]

Economic Injury Disaster Loan from the SBA. Completed a simple application was approved and was recently funded. Talked to no one during the whole process.

But that is not PPP? It is a loan, not the grant with conditions like the PPP?

 

[Tahoe Ray]

But that is not PPP? It is a loan, not the grant with conditions like the PPP?

It is different than PPP.

It is direct w/ SBA. The first 1-10k is a grant, the rest is a loan w/ conditions.