You have the clearest and best info on the eidl that I have seen on UA-cam so far. Thank you for that! I have read in the loan contract, and interpreted it as, with express permission from the sba, as long as you stay in the disaster area, you can relocate voluntarily, as necessary for your business. This one is a big one for me. I work as an independent contractor out of a large, high volume tattoo shop. With the COVID crisis, I would have to mitigate the risk of catching and transmitting it, if I am going to feel like I have stability moving forward, once our state opens back up. In the spirit of social distancing, I would want to move to a smaller, private studio to work on my personal clientele out of. In order to do that, I would have to get a new lease and utility accounts, and that seems almost to conflict with some of the rules about using the money on accounts only existing prior to January or so. What are your thoughts on that? It’s my opinion, that the purpose of the eidl is to mitigate the affects of the COVID pandemic, and the adaptations to my business I have mentioned would do exactly what the loan was intended for, but I want to make sure I’m not mistaken.
wickidflash, I am very much in the same boat. I am also a Tattoo Artist, was approved for an EIDL below the collateral asset level... I am also trying to understand, if the loan can be used to relocate to a smaller more controlled environment for the exact same reasons !
After calling the sba over and over and reviewing the loan documents, it seems pretty clear that the loan can only be used to maintain the same business operation, in the same way that we did in 2019, making it useless if you need the loan to actually physically adapt your business to the pandemic.
Please turn the volume up like I can barely hear you. But besides that please keep the good work up thank you very much... I appreciate your intelligence
I have listen to a lot of presentations on the EIDL. Yours is by far the most valuable in terms of the authenticity of the information. Because of that, I subscribed. Great job.
You're too kind. Tune in today at 12pm eastern for a live Q & A Session and I will answer any of your questions in detail. If you cant make it you can come back and ask the question on this thread😎
First time ever watching you and I love how you literally broke down this. If I’m approved I would have made so many violations and mistakes but this video literally got me focusing on making sure I get my businesses paperwork in order this week. Thank you so much and new subscriber!
To EVERYONE telling this HELPFUL MAN to speak louder, please shut up. If you have a problem with it, use your loan and purchase him equipment. This is a quick video to help people, this isn’t network television or Netflix. You guys have some nerve. And quite frankly, I was able to hear him JUST FINE. Thanks for the information. You’re appreciated.
Im learning a lot as i make these videos, I have the settings spot on now. Thank you for seeing that my intentions are to help everyone. You're awesome and I appreciate the comment.
we worked out the issues thank you for watching. Great Question, tune in today at 12pm eastern for a live Q & A Session and I will answer your question in detail. If you cant make it you can come back and ask the question again on this thread😎
Great Question, tune in today at 12pm eastern for a live Q & A Session and I will answer your question in detail. If you cant make it you can come back and ask the question again on this thread😎
How about buying cost of goods like tires ( different brands ) should we check the origin of the tires ( where was the manufacture )? If we are buying from local dealer will that be ok ?
Thank you for watching! I really appreciate the comment, please let me know if you have any suggestions for future videos. Also don't forget to join the community by subscribing & turning on the notifications. Have an awesome day!
No Fluff NO shaming, blaming or aiming at other UA-cam creators No Wasting my TIME ! All Facts! Explained like a professional thanks 🎯 all that extra is annoying appreciate!
I appreciate that! We will be doing a live Q&A today at 6pm eastern, hope you can make it to answer your EIDL & Stimulus questions ua-cam.com/video/BWdu7DxRHAY/v-deo.html
It's important to mentioned in your example of the $34k loan that for the first year even though you aren't required to make payments, the interest will accrue so when the amortization begins at the start of year 2, the principal balance will actually be more than the $34k.
Great Question, tune in today at 12pm eastern for a live Q & A Session and I will answer your question in detail. If you cant make it you can come back and ask the question again on this thread😎
OTR truck driver : what can you use the money for Vehicle expenses (for example, parking fees and tolls; standard mileage rate if not deducting actual expenses; and actual expenses such as maintenance and repairs, fuel, oil, registration fees, insurance, tires, loan interest, and depreciation if you own the vehicle). You must keep a log book to substantiate the vehicle expenses Log books, lumper fees, business use of cell phone Travel expenses, including lodging, meals (with limitations), and laundry expenses if incurred while traveling away from home Union and trade association dues State or local government licenses and regulatory fees Flat-rate occupational taxes and excise taxes (for example, heavy highway vehicle use tax) Liability insurance premiums Subscriptions to trade publications The cost and upkeep (for example, cleaning) of uniforms if they are required for work and not suitable for everyday wear (for example, the cost of safety shoes and gloves for a truck driver carrying blacktop) Note: If you wear a company uniform but are not required to wear it, you cannot deduct uniform expenses Leasing costs (for example, a truck driver's trailer rental fees or a taxicab driver's rental fees paid to a cab company for the use of its vehicles) Fees paid for dispatch service
Excellent video! I couldn't click on it fast enough when I saw the notification.Here's where I have a particular concern after rereading the loan agreement (my loan is for well over the unsecured threshold ) at the 8:28 mark you touch on the "limits on distribution of assets" paragraph of the agreement.The way I interpret that part is that you can't distribute not only the proceeds of the loan but any of your revenue ,because it will all add up in the end to your company's assets and they want to control all of your future assets.Am I wrong? I sure hope I am! This is a very crucial part for me and I'm just about ready to return the money if that turns out to be the case.
Great Question, tune in today at 12pm eastern for a live Q & A Session and I will answer your question in detail. If you cant make it you can come back and ask the question again on this thread😎
Great Question, tune in today at 12pm eastern for a live Q & A Session and I will answer your question in detail. If you cant make it you can come back and ask the question again on this thread😎
I've been in finance for longer than I care to admit, I've taught economics and I've previously had an SBA loan of my own. This video is an excellent explanation of this SBA program. Information must be communicated and explained in an understandable format but unfortunately the SBA has not done this and considering the amount misinformation floating around, I suspect that many people will take out these loans without understanding the small print. For those people and all the rest of us this video is essential. great job, RS
EIDL Loan Questions Answered LIVEEIDL Loan Questions Answered LIVE TUNE IN TODAY AT 12PM EASTERN. WE WILL BE LIVE TO ANSWER ALL YOUR QUESTIONS. CLICK LINK BELOW ua-cam.com/video/gV4OhpRCs1M/v-deo.html
We will be doing a live Q&A today at 6pm eastern, hope you can make it to answer your EIDL & Stimulus questions ua-cam.com/video/BWdu7DxRHAY/v-deo.html
We will be doing a live Q&A today at 6pm eastern, hope you can make it to answer your EIDL & Stimulus questions ua-cam.com/video/BWdu7DxRHAY/v-deo.html
Great video! Regarding the American Made stuff, the Loan Docs that I signed say "Borrower will, to the extent feasible, purchase only American-made equipment and products with the proceeds of this Loan." The key phrase is "to the extent possible" which gives great leeway to the borrower.
Thank you for such a good presentation. The government is forcing some into these loans, who never intended to ever be in debt to the government. We are all insane to pay people to abuse us.
Would be nice to see a video specifically focused on those accepting an SBA loan UNDER $25,000. For instance, I am a graphic designer/web designer/video editor. If I am extended and accept a loan of say $23,000... 1) Can the funds be used to purchase/replace outdated computer-related equipment required to operate my business? This equipment (unfortunately) has to constantly be replaced/upgraded as it is rendered obsolete. 2) Can any unused SBA proceeds just sit in a separate account as an emergency fallback plan for operating expenses as long as all the payments to SBA are made on time? From what I understand there is no personal or business liability or collateral attached to the smaller loans? Is that right?
Thank you for explaining this loan. It is by far the best I have seen on UA-cam. I am an accountant who oversaw PPP loans for clients of many industries. One furniture company with two stores was in the process of moving one store into a new space when the pandemic happened. They were slow to apply and receive their EIDL and PPP loans. During this time frame there were vendor invoices due from purchases after February 15, 2020. These were paid with all the capital (monies). No money has been paid securing rent on the store #2 new space or inventory purchased. This move was put on hold since the shutdown. It has to begin moving forward very soon to satisfy store #2’s need of a larger store. Two questions: First, can the money used (savings account) to pay vendor invoices and rent saved for the new store be replaced and qualify towards loan forgiveness from the EIDL loan? I believe you did answer my second question but I will ask anyways for confirmation. The PPP loan and EIDL loan was received together as one loan total specifying and separating each amount. The PPP amount is not enough to reinstate all their employees. Are they allowed to use dip into the per se EIDL amount to secure the rest needed for employee retention? Part 2 to this question may be more tricky and need an answer from the SBA. The business is set up like this. Store # 1 is a partnership. Each partner is an Scorporation. One partner from each Scorp physically participates as a salaried employee. Both stopped receiving paychecks before any loan disbursements so that they could keep a couple key employees on payroll. These employees are working from home. The rest are collecting unemployment. We live in Massachusetts. Our Governor is opening businesses in Phases. Retail stores are in the last Phase to open. Each Phase is not opened until given the Okay from the Governor. We are still in Phase 1 with only a few Phase 2 businesses open. It will stay this way for a while because we have hundreds of new positive cases and deaths every day. Non essential Retail stores could be a couple months away from opening. In this case a second EIDL loan may be needed to secure the business (stay in place) from closing altogether. As we know, the economic stimulus plan was designed so businesses do not close. Imagine how many bankruptcies would be filed across our country because of this shutdown. More important, of course many lives will be saved. Back to my question, can these partners be paid back from the EIDL loan and do these two payments qualify as forgivable? Thank you for your interest to explain this to other industries and not just yours. I will keep it simple and ask questions from other clients as another comment.
Thanks for the vid and the deep dive. I am wrestling with the decision to accept or decline as well. The collateral thing is scary, but a couple of other comments: 1) The text book definitions of working capital, inventory, and fixed assets are the same for all businesses. However, how an asset is actually used in your business changes whether it is inventory or a fixed asset. In general inventory is something your business buys with the intention of reselling to -hopefully- make a profit (maybe after adding work to transform it), while a fixed asset is something you use to do the transformation . So for a house flipper, a house is inventory, a saw might be a fixed asset The house was bought to resell, the saw used to do repairs or upgrades. Conversely, to a tool dealer, that same saw would be inventory -he hopes to sell it, and that same house would be a fixed asset (i.e. location of his shop). This matters here because the SBA doc says it is OK to sell inventory, but not fixed assets. So, the SBA help line comment about you can't buy a house or car with EIDL funds seems too simplistic, but unfortunately, this line of very simplistic thinking may be how you are judged by the SBA. Talk to your CPA! 2) This whole idea of the SBA limiting what you can "spend the money on" falls apart if you think about for about 12 seconds or less. Example: You have $10,000 in your operating account at the bank on the first of the month, and $25,000 in your EIDL bank account. You have $5,000 in operating expenses (utilities, payroll, etc) during the month so you write checks for the $5,000 out of your special EIDL bank account - all for clearly approved uses. All good so far. However, you still have $10,000 in the bank at the end of the month, so you buy a new computer with check from the regular op account (fixed asset) because the one you have is no longer supported and won't run your accounting software. In effect you did not spend your money on OPEX because you used EIDL funds, so you had money to buy the computer. Did you meet the terms of the loan? Did you actually really use EIDL funds to buy the computer - a fixed asset (violation), or did you use your funds? Since you had funds, did you not "need" the loan in the first place (violation). Can you find a truly American made computer (double violation). What if you had some income in that month? Maybe revenue is down by 50%, are you damaged by the shutdown and then qualify? What if revenue is only down 25%, or 10%? You see the problems with this. The above scenario is I think much more realistic than "You can only spend the funds on..." edicts. 3) I like the comment about people claiming non-profit status because their business lost money last year. An old one, but good one!
I loved you analysis & yea I had some guy on one of the videos bragging he got a 2.75% interest rate when he must have filed incorrectly because he was not a non profit. Thank you for watching. loved the comment
Just really great Info. How can people not like getting this information when he is calling to get answers for all of us. New subscriber here. Love your content, very easy to understand. Hit that like button people.
That is very nice of you, tune in today at 12pm eastern for a live Q & A Session and I will answer your questions in detail. If you cant make it you can come back and ask the question again on this thread😎
Makes no sense, how in the hell are they gonna tell you what the hell you can use money that has to be paid back with interest on, the Sba is full of shit, also how they changed the guide lines of the 10, 000 grant to be paid to every business, to 1000 per employee some nerve, Mogul..let those who filed suite, litigations reign."
Excellent info. Just subscribed. One thing I'm seeing is that people are ignoring the statement in the loan document that says Borrower cannot rely on oral statements from SBA representatives, so just because a rep tells you something doesn't mean it's true unless you have it in writing. Kind of important!
thank you bro, tune in today at 12pm eastern for a live Q & A Session and I will answer your question in detail. If you cant make it you can come back and ask the question again on this thread😎
I own a home daycare. I’m having hard time finding answers to this question: 1. Can I use the funds to purchase supplies? Example: baby wipes, paper towels, cleaning supplies? Such a great video, it’s the most informative I’ve seen online so far. Thank you.
If i were you I would, just check with your cpa first or contact these people SBA Resource Partners (offering free business counseling) are available to help you with disaster assistance or general business assistance. Offices are closed due to social distancing, but counseling is available by phone, email or video chat. For more information, visit: SCORE www.score.org/coronavirus-sba-loans MD SBDC www.mdsbdc.umd.edu/
According to a Forbes article: "you can't use an EIDL to refinance pre-existing debt.." Also many people run a business as sole-propreitor under their name. Can you then still pay off your personal credit cards you also use for your small business?
This video is VERY helpful. I just got approved and I accepted an EIDL loan. I am an independent consultant/ S-Corp with casinos & hotels as clients, so the loan is just a safety net since these industries are the least likely to recover quickly. I do not want to unintentionally violate the terms of the loan, BUT The wording in the contract is very vague - which is disquieting, so THANKS! For your clear and concise help. Please do more videos for EIDL recipients like me. ❣️
Something tells me the only way the SBA will question what you spent the $ on is if you default on your payments. Technically, if I pay the loan monthly with interest... why would they care what you do with the money? Any thoughts?
Great info, as always... I just received an answer from an SBA support agent regarding the following query: "If I am paying payroll with my PPP, and I run out of PPP funds to cover the remainder of a particular (single) normal payroll payment, (assuming no separate PPP loan business account) should I pay the normal payment (i.e. $1,000 normal monthly payroll to one employee) and document what portion was covered by PPP and what portion the business covered as the remainder (i.e. $900 paid by PPP and $100 remainder covered by business) --OR-- should I make these 2 separate transactions?" SBA stated that "it would be BEST to do 2 separate transactions instead of trying to explain the portions of 1 transaction."
Because EIDL is a not regular loan EIDL loan is a ECONOMICAL INJURY DISASTER LOAN. This is a emergency money to keep your business running so you need to spend it just for your business purposes.
Bottom line is with hundreds of thousands of sba loans I find it impossible to track all companies. Not just that but trace all money in, out and receipts.
We will be doing a live Q&A today at 6pm eastern, hope you can make it to answer your EIDL & Stimulus questions ua-cam.com/video/BWdu7DxRHAY/v-deo.html
Thanks so much for the info! As a self employed photographer I've had several questions. I only qualified for 15k so fortunately my business assets wouldn't be collateral. What if I need to buy a computer, which wasn't made in the US? What about paying for things to fix up my personal home that I use for business? What about making repairs on a vehicle that I use for business? Also, if I don't use the entire 15k, can I pay back what I don't use and if so, would that readjust the payment amount that I had or just the length of the remaining loan term?
I'm a photographer as well. The easiest way to do this is create a 2nd bank account with only the EIDL funds. Use those for only approved things. Then use the regular account to pay for those other items that you want to do. The audit trail would be easy to show where they funds were used. If all the funds are mixed, it can be argued that you misused the funds.
I don't know of any american made computers so you cant feasibly buy one here. if you built a studio at home then yes, if you redid the siding then no. and yes you can repay and the loan terms most likely won't change until loan is paid off in full
Hi, very informative great presentation! I have a two part question, can this loan be used to acquire inventory or pay off revolving short term debt specific for inventory acquisitions? Thank you.
Great Question, tune in today at 12pm eastern for a live Q & A Session and I will answer your question in detail. If you cant make it you can come back and ask the question again on this thread😎
Great Question, tune in today at 12pm eastern for a live Q & A Session and I will answer your question in detail. If you cant make it you can come back and ask the question again on this thread😎
services rendered only. but try contacting these free sba counselors SBA Resource Partners (offering free business counseling) are available to help you with disaster assistance or general business assistance. Offices are closed due to social distancing, but counseling is available by phone, email or video chat. For more information, visit: SCORE www.score.org/coronavirus-sba-loans MD SBDC www.mdsbdc.umd.edu/
I’m in the same position I don’t plan on reimbursing myself but as soon as my funds come in I’m taking the money to a new bank and opening a brand new bank account with just that money in it
Thanks for providing some clarification on this. I am waiting for the loan to be processed and have already gotten the PPP loan which is a fraction of what this is going to potentially provide. Given that I am strictly an LLC-S, the only main expenses that I would use this for is paying myself and likely advertising expenses if I go along that route). The hope is to pay it back well before 30 years are up. Hopefully these are good to go. Appreciate the insight. This does help out a lot.
Great Question, tune in today at 12pm eastern for a live Q & A Session and I will answer your question in detail. If you cant make it you can come back and ask the question again on this thread😎
It makes so much sense what your friend said if it was a grant I think they scrutinize it more how its used cuz they're not getting it back. But being it's a lone you're paying interest on a loan so there making money off you so if they audit a million people that default on the loans that's 1 million accounts of Interest they're not going to get the fact that they're giving a lone means that they're not doing it to help you but they're doing it as a way to make money to the government or they would just be giving out grants like stimulus.. which also was only designd for you to just spend and put money back into the economy the gov is basically a loan shark a Loan shark doesn't care what you spend the money on as long as you pay it back to him with interest so I doubt they're going to scrutinize all those people on what you can use it for because why would they want to default on people's loans when they won't be getting none of your interest such as a car dealer who hates when you use cash... because they can't bang you on the interest... Or credit card companies who designed them for you to be in debt... so u cnt pay them off.. so that way they can keep making money off your interest U pay them No matter how lil
I bought my car for my business if I heard right I can make car payments because I use my car for my business, but can I use the whole loan to pay off 90% of my car loan?
Great Question, tune in today at 12pm eastern for a live Q & A Session and I will answer your question in detail. If you cant make it you can come back and ask the question again on this thread😎
Same question here. I have limo business (Transportation business), like a sole member LLC. And I need to change my car ASAP. I got 34K. I assume I have the right to use part of this money to buy a new car to use in my business. Anybody have any ideas?
Good content, thank you for the video, your video is much quieter than other videos. I have the volume all the way up on my computer and you are still pretty quiet.
Thank you for watching! I really appreciate the comment, please let me know if you have any suggestions for future videos. Also don't forget to join the community by subscribing & turning on the notifications. Have an awesome day!
We will be doing a live Q&A today at 6pm eastern, hope you can make it to answer your EIDL & Stimulus questions ua-cam.com/video/BWdu7DxRHAYW/v-deo.htmle
We will be doing a live Q&A today at 6pm eastern, hope you can make it to answer your EIDL & Stimulus questions ua-cam.com/video/BWdu7DxRHAYW/v-deo.htmle
Great Question, tune in today at 12pm eastern for a live Q & A Session and I will answer your question in detail. If you cant make it you can come back and ask the question again on this thread😎
I received my PPL loan. I was approved for the EIDL loan. Now I have decided to only take $25,000 instead of the whole amount offered. Can I change it midstream like this. There is no collateral required for the $25,000?? I don't want all those restrictions from the bigger loans. Is this correct?
you can change it but the loan agreement would have to get redone. You can't just send back the difference and expect to not have a collateral obligation, you would have had to have started with a 25k loan or less.
Hey i got this loan for $26,400. But i don't want a loan with collateral. How can i just cancel loan altogether?. Do i just call SBA and tell em to cancel loan. I only want a loan for $25000 or less so i don't need to present collateral.
You are most welcome We will be answering questions live today at 12pm eastern, hope you can make it! here is the link ua-cam.com/video/Tcp2JSnbCV0/v-deo.html
Not true from what I have seen. Personal guarantee for only $200,000 and above. They are talking about business assets! Confirmed with my attorney. The property they are talking about is related to the entity only. Not me personally since my loan was only 48K. If you have some other info on this, would love to understand that better. UPDATE: I confirmed this with SBA very helpful tier 2 rep. No personal guarantee or security interest at all under $200,000. Maybe Sole Props are different?
Thanks for the video. Question was approved for a up to $35,000 loan as a Uber/Lyft NYC taxi driver. Already got the $1000 advance and since I had no other funds in my account as PUA has not kicked in, and $1200 stimulus check just came, I used the $1000 SBA advance on personal expenses such as food and sending money to my wife which I have frequently done whilst working as a driver. I am not going to take the further portions of the loan , and just stick with the $1000 advance. Will this be an issue, I only got $1000 and nothing more but I used it to fund what I normally do with my business since I was not working due to pandemic and have been undergoing loss with no savings.
LOL, that was 17+ minutes of confusion. The guidelines are crystal clear and laid out on multiple sites to reference. It seems that you are intermingling EIDL and PPP restrictions, which would be extremely confusing. Good luck!!
The problem with calling them is that even the "Tier 2" help will give 10 different answers to the same question, it just depends who you get and if they are in a good mood or not. Sounds crazy right? All I'm saying is that while the video has some bits of info that may be helpful the best way to know what the actual guidelines are is to read them in black and white on the resources page of the SBA. Enjoy your day!
I'm an Uber driver, I applied for EIDL and they approved me for 50k loan amount, since 4 days ago I talked with a lot of customer service assistance and each one told me different story, my question was same " can I use loan for pay off my car leas contract? " Even they don't have clear answer for you, some of them said yes, for sure , some of them said no and maybe. It's tricky and like a honey trap, because if I can't use for paying off my car leas contract , it doesn't make sense that someone get loan for gas and maintenance. They does not communicate with you by email because they don't want to give you documents and the general agreement is clearly a trap.
I’m an Uber driver as well, you can’t use it to pay off or pay a lump sum on your car Smfh. You can pay all of your monthly operational expenses from the money. The loan is pretty much cheap money u can borrow so u can use the money you earn now to pay back anything you might be backed up on. If you are backed up on bills and stuff it does alleviate the pressure because of the small monthly payment.
Thanks so much for the video. Yes I subscribed. I'm trying to figure out the ends and outside of this loan program. THANKS THIS WAS A GREAT START. GOD BLESS
We will be doing a live Q&A today at 6pm eastern, hope you can make it to answer your EIDL & Stimulus questions ua-cam.com/video/BWdu7DxRHAY/v-deo.html
Jesse Meza schedule c is specifically the self employment tax, which is the government’s way of recouping the social security and Medicare taxes that you don’t pay in during the year; like you would if you received a w-2.
Great Question, tune in today at 12pm eastern for a live Q & A Session and I will answer your question in detail. If you cant make it you can come back and ask the question again on this thread😎
Thank you for watching! I really appreciate the comment, please let me know if you have any suggestions for future videos. Also don't forget to join the community by subscribing & turning on the notifications. Have an awesome day!
Thank you for the great information. Is there a way after confirming the loan amount to request a decrease to under $200,000 to avoid the EIDL Personal Guarantee requirement? Our client has not signed the loan documents yet? A client of ours has this issue. How can they avoid the Personal Guarantee?
Your are phenomenal. You are very detailed, , and you speak at a 👌 pace, and easy to understand. If selft employed, with no employees and applies for the $10,000 EIDL Advance but only received $1,000 do we need to re-apply for the remaining $9,000 ? If not what is the next step?
thank you for the awesome compliment, unfortunately you are not eligible for the other 9k. The 1k per employee is the only amount they are paying out at the moment. If anything changes, I will make a video on it
When I applied I said I would use it for rent and camping. So if they didn't like it then they shouldn't have given it to me. And I won't live 30 more years anyway
Great video. I guess my concern is the purchase of fixed assets because being in the car business, I sell automobiles and auto related parts. It is vital to my business that I am able to purchase those cars and parts for resale or I can't keep my business going. Obviously, I can use the funds to take care of other related expenses but I have to have inventory for resale.
How do i compute the payoff amount my monthly payment is $68 for $13900. Sba said the interest is included in monthly payment already. So do I pay back $13000 or $24000
@@EVERYBODYWORKIN The way I read it was, assuming you only make the minimum payment every month for 30 years, you specifically end up paying $68 (your minimum payment) x 360 months (30 years) = $24,480 total. I believe this number can fluctuate assuming you pay more than the minimum or you don't pay anything during the initial 12 month deferral. It's best to air on the side of caution and just pay back as much as you can as soon as you can because there is no early payment penalty. Mathematically it would make sense to me that if you paid it off sooner, you would accrue less interest. Full Disclosure: I'm not a CPA or licensed financial advisor, please consult a professional. I am simply offering my understanding as a business owner.
We will be doing a live Q&A today at 6pm eastern, hope you can make it to answer your EIDL & Stimulus questions ua-cam.com/video/BWdu7DxRHAY/v-deo.html
About your 'american made products point.' The terms say 'The borrower, to the extend feasible,' which leaves open a pretty big loophole for businesses. I wouldn't even sweat that. And plus, they can't even process applications, what makes you think they'll have the resources to enforce that ? Really don't see that happening.
Thanks for the info. These loans are BS in my opinion and here is why. If I am borrowing money that I am going to pay back with INTEREST why would it matter what I decide to do with it so long as it is spent within my business? They are laying claim to everything I own and will own business or personal until this loan is paid back with INTEREST. I would advise everyone to think long and hard before you do this.
I received the EIDL loan disbursement into my business checking account to combine with money that the business had and is currently making. I am wondering about how to save receipts for all of the money being used from that account, as in how to distinguish when it is from the EIDL or from my own non-loan money. Also, how specific do I need the receipts to be? For example, receipts from every single store I purchase from using the business credit card, rent, business loan payments, payroll, electricity, etc.
We will be doing a live Q&A today at 6pm eastern, hope you can make it to answer your EIDL & Stimulus questions ua-cam.com/video/BWdu7DxRHAYW/v-deo.htmle
Please read the loan docs again. It is clearly stated that Real Estate is NOT included in the securing this loan. Personal or Business. Only business assets, but not including Real Estate!! Thank you
Culture Estate I actually called the SBA today and specifically asked. Real Estate is NOT part of the assets you are securing this debt with. Call them yourself and you will see. This is a good thing
@@CultureEstate i spoke to the lawyer regarding that exact issue and he told me there is no mention of personal guaranty in the documents in any way and he had the document review by another layer as well , the wording is confusing for sure but that supposedly portray to business assets only
Hello, Great info. I received $11,500 EIDL loan, I am a sole proprietor, can I use the funds for a new business laptop, computers, tires for my vehicle, marketing expenses, all things I need but could not buy due to loss of business?
Thanks for the information. I got approved for the EIDL loan today. I have a business with one employee (me) and 3 contractors. I am planning to use some of the loan to pay myself, but are contractors' payments (1099's) also eligible to be withdrawn from the loan?
EIDL Loan Questions Answered LIVEEIDL Loan Questions Answered LIVE TUNE IN TODAY AT 12PM EASTERN. WE WILL BE LIVE TO ANSWER ALL YOUR QUESTIONS. CLICK LINK BELOW ua-cam.com/video/gV4OhpRCs1M/v-deo.html
SBA states that you have to buy products from within the united states if feasible, so document all the attempts you make to buy those products domestically and if not possible try to spend that money on all other approved business expenses and then as a last resort with your accountants blessing you can buy your products. Check with your accountant first and it wouldn't hurt to call the sba as well.
So how would an SE/IC for Lyft/Uber get approved for the EIDL or PPP? They said all of us could so I filed for both but haven't recieved anything but the generic emails from the SBA.
If I were you I would go for the PUA unemployment, the ppp & Eidl come with interest and potential fines if funds are misused. Have you qualified for PUA?
@@CultureEstate yea I already got that. How are people and small businesses supposed to get ahead then? After being shut down and behind for so long. We all know these politicians are lining their pockets. 1 hand washes the other Why not wash the face a bit with both??😄
I’m an IC. I received the EIDL grant a few weeks again. They offered me the loan this week. I don’t know if I’ll take it because I don’t have a payroll.
Abib 2.0 so how do we use this? How can we? Can we use it as salary? But if it’s a loan how the hell do we use it as salary as a loan? So damn confusing....
What perplexes me is: My entire business model (rental property) is built upon buying and selling income producing real estate. Selling a fixed asset to buy a new fixed asset and collecting rents is part of the process. That is my "working capital". Also, repairs that are needed are paid for from "working capital". If I don't make repairs - then I can't rent the property and I lose money. Thoughts?
HI, I'm having a hard time getting the answer to this question. I am a full time musician. I have lost all gigs since March 14. Can I reimburse myself with lost gigs with this loan?
you can pay yourself for services rendered, so if your actively pursuing more gigs or doing marketing it than this could help you for the costs of those services. I personally think you're better off with the PUA. always check with your cpa first before doing anything
Do you need a loan to settle your debt or to pay off your bills? Have you been turned down constantly by your Banks and other financial institutions just because you have a low credit score? Do you need a loan or funding for any reason such as, * Holiday Loans * Vehicle Loans * Real Estate Loans * Business Loans * Mortgage Loans * Construction Loan * Home Loans * Investment Loan * Debt Consolidation Loans * Personal Loans Note: We give out loan at affordable interest rate yearly. Interested persons should contact us via email: capitalloan011@gmail.com to enable us open a loan processing file. Warm Regards,
The best video for now ! One Question, what happen if we already receive the PPP that is 75% for payroll and the rest for utilities, we need working capital for our business, we can apply for EIDL ?
Great Question, tune in today at 12pm eastern for a live Q & A Session and I will answer your question in detail. If you cant make it you can come back and ask the question again on this thread😎
tune in today at 12pm eastern for a live Q & A Session and I will answer your question in detail. If you cant make it you can come back and ask the question again on this thread😎
What if I got approved for $150,000 and I decided that I only want the unsecured $25,000 can I change it to that so I don’t have to going threw all this stuff that you talked about ? please respond thanks
Ii recieved eidl approved. But I'm in a different situation I purchased my buis threw. Cc. I pay off cc its finances that are in debt during pandemic. I'm in clear drops my interest rate so it's like refinancing. Hope it gives you blue print
Keep it in separate account. Run quick books on this account so you can make it clear. As long as you keep up with payment you should be golden. Keep good registration with money as long as as it's not buying assets you are good. But you are talking to sombody that buys 1500 dollars in deisel a week when economy is normal
Great video! Quick question on collateral. Let's say I own 2 companies. Company A and B. Company A gets approved for $100K EIDL loan, but there is no fixed asset collateral. Company B has a few real estate properties as fixed assets. Will SBA come after Company B's properties for collateral against Company A's loan?
Great Question, tune in today at 12pm eastern for a live Q & A Session and I will answer your question in detail. If you cant make it you can come back and ask the question again on this thread😎
So lets pretend I want one of those metal garages placed on site for my business, from what Im reading, if I use the money to purchase the garage its illegal however, If i put the garage on a credit card I can then use the money to pay down the debt I incurred on the credit card? Lol
Addendum. Since a credit card is not fixed debt I can not use the money to pay down that however, I can write myself a check for my lost income and then purchase the garage with the income that I had lost during the lockdown. So if I lost 1k per month for 3 months then theoretically I can write myself a check for 3k.
I have an important question: as an Independent Contractor doing customer service- If I pay myself reasonable "payroll" for services rendered from the EIDL, I can do whatever I need to do with that payroll, the amount I paid myself correct? (as long as it is reasonable payroll)? So basically, I'm asking if, once I pay myself a reasonable salary, I can do what I need to do with the funds correct?
Glad it was helpful! I will be live Tuesday June 9th at 12pm eastern tune in and I will answer all your questions. If you would like to schedule a Strategy Call, visit my website Culture.Estate and schedule a time that works for you.
Thank you this was really helpful! Is there a resource that tells me what is a fixed asset and what isn't? I'm a ceramic artist who would like to buy a kiln, but I'm not sure if it would be a fixed asset. Also, do you know if I could pay off credit card debt I accumulated before the pandemic hit? Or only after?
Thanks for the info, just some feedback. Your mic gain is really low compared to other videos. I had to crank it from 20 to 35. Also, can you write off the interest from an EIDL loan?
Yea, I didn't notice it until the video was already at 10k views. I took care of it. Interest on business loans is tax deductible, but I am not a cpa. Always get advice from your accountant.
Do you think a 2-year revolving line of credit falls under the same standard as business credit card balances. We had used our LOC prior to the disaster. Can we pay it off with our EIDL loan?
EIDL Grant & Loan Questions Answered Live | SBA NOW ACCEPTING APPLICATIONSEIDL Grant & Loan Questions Answered Live | SBA NOW ACCEPTING APPLICATIONS We will be answering questions live today at 12pm eastern, hope you can make it! here is the link ua-cam.com/video/Tcp2JSnbCV0/v-deo.html
You have the clearest and best info on the eidl that I have seen on UA-cam so far. Thank you for that! I have read in the loan contract, and interpreted it as, with express permission from the sba, as long as you stay in the disaster area, you can relocate voluntarily, as necessary for your business. This one is a big one for me. I work as an independent contractor out of a large, high volume tattoo shop. With the COVID crisis, I would have to mitigate the risk of catching and transmitting it, if I am going to feel like I have stability moving forward, once our state opens back up. In the spirit of social distancing, I would want to move to a smaller, private studio to work on my personal clientele out of. In order to do that, I would have to get a new lease and utility accounts, and that seems almost to conflict with some of the rules about using the money on accounts only existing prior to January or so. What are your thoughts on that? It’s my opinion, that the purpose of the eidl is to mitigate the affects of the COVID pandemic, and the adaptations to my business I have mentioned would do exactly what the loan was intended for, but I want to make sure I’m not mistaken.
Answering your question on today’s Q&A video
Thank you good sir! You rock!
wickidflash, I am very much in the same boat. I am also a Tattoo Artist, was approved for an EIDL below the collateral asset level... I am also trying to understand, if the loan can be used to relocate to a smaller more controlled environment for the exact same reasons !
After calling the sba over and over and reviewing the loan documents, it seems pretty clear that the loan can only be used to maintain the same business operation, in the same way that we did in 2019, making it useless if you need the loan to actually physically adapt your business to the pandemic.
@L Lawleit hey i am lyft driver to how you did to qualify for the loan. Did you submit any document?
Please turn the volume up like I can barely hear you. But besides that please keep the good work up thank you very much... I appreciate your intelligence
Ok will do, thank you for the advice. 😎
@@CultureEstate Any thoughts on my question above?
Best info on SBA loans on UA-cam. Simple. Straight to the point. No landing. Screaming and joking. Straight to the business !!!!!! Bravo bro !!🔥🔥🔥
Thanks for sharing! I appreciate you watching and commenting.
I have listen to a lot of presentations on the EIDL. Yours is by far the most valuable in terms of the authenticity of the information. Because of that, I subscribed. Great job.
You're too kind. Tune in today at 12pm eastern for a live Q & A Session and I will answer any of your questions in detail. If you cant make it you can come back and ask the question on this thread😎
First time ever watching you and I love how you literally broke down this. If I’m approved I would have made so many violations and mistakes but this video literally got me focusing on making sure I get my businesses paperwork in order this week. Thank you so much and new subscriber!
Thank you for watching! I really appreciate the comment, please let me know if you have any suggestions for future videos.
To EVERYONE telling this HELPFUL MAN to speak louder, please shut up. If you have a problem with it, use your loan and purchase him equipment. This is a quick video to help people, this isn’t network television or Netflix. You guys have some nerve. And quite frankly, I was able to hear him JUST FINE.
Thanks for the information. You’re appreciated.
Im learning a lot as i make these videos, I have the settings spot on now. Thank you for seeing that my intentions are to help everyone. You're awesome and I appreciate the comment.
Great info but your volume is low. Raise the volume so it's easier to hear.
I agree!!
we worked out the issues thank you for watching. Great Question, tune in today at 12pm eastern for a live Q & A Session and I will answer your question in detail. If you cant make it you can come back and ask the question again on this thread😎
Great Question, tune in today at 12pm eastern for a live Q & A Session and I will answer your question in detail. If you cant make it you can come back and ask the question again on this thread😎
How about buying cost of goods like tires ( different brands ) should we check the origin of the tires ( where was the manufacture )? If we are buying from local dealer will that be ok ?
I was wondering why these ads were getting so LOUD! AGREED 100%
This was really helpful - especially having the SBA on the line for us to hear.
Thank you for watching! I really appreciate the comment, please let me know if you have any suggestions for future videos. Also don't forget to join the community by subscribing & turning on the notifications. Have an awesome day!
No Fluff NO shaming, blaming or aiming at other UA-cam creators No Wasting my TIME ! All Facts! Explained like a professional thanks 🎯 all that extra is annoying appreciate!
I appreciate that!
We will be doing a live Q&A today at 6pm eastern, hope you can make it to answer your EIDL & Stimulus questions
ua-cam.com/video/BWdu7DxRHAY/v-deo.html
It's important to mentioned in your example of the $34k loan that for the first year even though you aren't required to make payments, the interest will accrue so when the amortization begins at the start of year 2, the principal balance will actually be more than the $34k.
Great Question, tune in today at 12pm eastern for a live Q & A Session and I will answer your question in detail. If you cant make it you can come back and ask the question again on this thread😎
OTR truck driver : what can you use the money for
Vehicle expenses (for example, parking fees and tolls; standard mileage rate if not deducting actual expenses; and actual expenses such as maintenance and repairs, fuel, oil, registration fees, insurance, tires, loan interest, and depreciation if you own the vehicle). You must keep a log book to substantiate the vehicle expenses
Log books, lumper fees, business use of cell phone
Travel expenses, including lodging, meals (with limitations), and laundry expenses if incurred while traveling away from home
Union and trade association dues
State or local government licenses and regulatory fees
Flat-rate occupational taxes and excise taxes (for example, heavy highway vehicle use tax)
Liability insurance premiums
Subscriptions to trade publications
The cost and upkeep (for example, cleaning) of uniforms if they are required for work and not suitable for everyday wear (for example, the cost of safety shoes and gloves for a truck driver carrying blacktop) Note: If you wear a company uniform but are not required to wear it, you cannot deduct uniform expenses
Leasing costs (for example, a truck driver's trailer rental fees or a taxicab driver's rental fees paid to a cab company for the use of its vehicles)
Fees paid for dispatch service
this is awesome information, thank you
Excellent video! I couldn't click on it fast enough when I saw the notification.Here's where I have a particular concern after rereading the loan agreement (my loan is for well over the unsecured threshold ) at the 8:28 mark you touch on the "limits on distribution of assets" paragraph of the agreement.The way I interpret that part is that you can't distribute not only the proceeds of the loan but any of your revenue ,because it will all add up in the end to your company's assets and they want to control all of your future assets.Am I wrong? I sure hope I am! This is a very crucial part for me and I'm just about ready to return the money if that turns out to be the case.
I have the same question.
Great Question, tune in today at 12pm eastern for a live Q & A Session and I will answer your question in detail. If you cant make it you can come back and ask the question again on this thread😎
Great Question, tune in today at 12pm eastern for a live Q & A Session and I will answer your question in detail. If you cant make it you can come back and ask the question again on this thread😎
I've been in finance for longer than I care to admit, I've taught economics and I've previously had an SBA loan of my own. This video is an excellent explanation of this SBA program. Information must be communicated and explained in an understandable format but unfortunately the SBA has not done this and considering the amount misinformation floating around, I suspect that many people will take out these loans without understanding the small print. For those people and all the rest of us this video is essential. great job, RS
EIDL Loan Questions Answered LIVEEIDL Loan Questions Answered LIVE
TUNE IN TODAY AT 12PM EASTERN. WE WILL BE LIVE TO ANSWER ALL YOUR QUESTIONS. CLICK LINK BELOW ua-cam.com/video/gV4OhpRCs1M/v-deo.html
Crazy how you have all kind of rules on money you got to pay back
We will be doing a live Q&A today at 6pm eastern, hope you can make it to answer your EIDL & Stimulus questions
ua-cam.com/video/BWdu7DxRHAY/v-deo.html
We will be doing a live Q&A today at 6pm eastern, hope you can make it to answer your EIDL & Stimulus questions
ua-cam.com/video/BWdu7DxRHAY/v-deo.html
Great video! Regarding the American Made stuff, the Loan Docs that I signed say "Borrower will, to the extent feasible, purchase only American-made equipment and products with the proceeds
of this Loan." The key phrase is "to the extent possible" which gives great leeway to the borrower.
I totally agree, thank you for your comment.
Thank you for such a good presentation. The government is forcing some into these loans, who never intended to ever be in debt to the government. We are all insane to pay people to abuse us.
It’s a tough decision to make as a business owner
That is one of the best Eidl videos ever! Thank you!
Thank you for that
Would be nice to see a video specifically focused on those accepting an SBA loan UNDER $25,000.
For instance, I am a graphic designer/web designer/video editor. If I am extended and accept a loan of say $23,000...
1) Can the funds be used to purchase/replace outdated computer-related equipment required to operate my business? This equipment (unfortunately) has to constantly be replaced/upgraded as it is rendered obsolete.
2) Can any unused SBA proceeds just sit in a separate account as an emergency fallback plan for operating expenses as long as all the payments to SBA are made on time?
From what I understand there is no personal or business liability or collateral attached to the smaller loans? Is that right?
There is no collateral requirement but all other terms apply in this video
Good question because this is what my business is about. I’m a graphic artist and printer and this is what I needed to know.
@@jordanruth0809 can't you put yourself on payroll and then buy it personally?
Thank you for explaining this loan. It is by far the best I have seen on UA-cam. I am an accountant who oversaw PPP loans for clients of many industries. One furniture company with two stores was in the process of moving one store into a new space when the pandemic happened. They were slow to apply and receive their EIDL and PPP loans. During this time frame there were vendor invoices due from purchases after February 15, 2020. These were paid with all the capital (monies). No money has been paid securing rent on the store #2 new space or inventory purchased. This move was put on hold since the shutdown. It has to begin moving forward very soon to satisfy store #2’s need of a larger store.
Two questions: First, can the money used (savings account) to pay vendor invoices and rent saved for the new store be replaced and qualify towards loan forgiveness from the EIDL loan? I believe you did answer my second question but I will ask anyways for confirmation. The PPP loan and EIDL loan was received together as one loan total specifying and separating each amount. The PPP amount is not enough to reinstate all their employees. Are they allowed to use dip into the per se EIDL amount to secure the rest needed for employee retention? Part 2 to this question may be more tricky and need an answer from the SBA. The business is set up like this. Store # 1 is a partnership. Each partner is an Scorporation. One partner from each Scorp physically participates as a salaried employee. Both stopped receiving paychecks before any loan disbursements so that they could keep a couple key employees on payroll. These employees are working from home. The rest are collecting unemployment. We live in Massachusetts. Our Governor is opening businesses in Phases. Retail stores are in the last Phase to open. Each Phase is not opened until given the Okay from the Governor. We are still in Phase 1 with only a few Phase 2 businesses open. It will stay this way for a while because we have hundreds of new positive cases and deaths every day. Non essential Retail stores could be a couple months away from opening. In this case a second EIDL loan may be needed to secure the business (stay in place) from closing altogether. As we know, the economic stimulus plan was designed so businesses do not close. Imagine how many bankruptcies would be filed across our country because of this shutdown. More important, of course many lives will be saved. Back to my question, can these partners be paid back from the EIDL loan and do these two payments qualify as forgivable? Thank you for your interest to explain this to other industries and not just yours. I will keep it simple and ask questions from other clients as another comment.
send me your info here and I will call you, this requires a bit more than an answer on a thread forms.gle/24Nvpq3GaMKx3M2M8
Thanks for the vid and the deep dive. I am wrestling with the decision to accept or decline as well.
The collateral thing is scary, but a couple of other comments:
1) The text book definitions of working capital, inventory, and fixed assets are the same for all businesses. However, how an asset is actually used in your business changes whether it is inventory or a fixed asset. In general inventory is something your business buys with the intention of reselling to -hopefully- make a profit (maybe after adding work to transform it), while a fixed asset is something you use to do the transformation . So for a house flipper, a house is inventory, a saw might be a fixed asset The house was bought to resell, the saw used to do repairs or upgrades. Conversely, to a tool dealer, that same saw would be inventory -he hopes to sell it, and that same house would be a fixed asset (i.e. location of his shop). This matters here because the SBA doc says it is OK to sell inventory, but not fixed assets. So, the SBA help line comment about you can't buy a house or car with EIDL funds seems too simplistic, but unfortunately, this line of very simplistic thinking may be how you are judged by the SBA. Talk to your CPA!
2) This whole idea of the SBA limiting what you can "spend the money on" falls apart if you think about for about 12 seconds or less. Example: You have $10,000 in your operating account at the bank on the first of the month, and $25,000 in your EIDL bank account. You have $5,000 in operating expenses (utilities, payroll, etc) during the month so you write checks for the $5,000 out of your special EIDL bank account - all for clearly approved uses. All good so far. However, you still have $10,000 in the bank at the end of the month, so you buy a new computer with check from the regular op account (fixed asset) because the one you have is no longer supported and won't run your accounting software. In effect you did not spend your money on OPEX because you used EIDL funds, so you had money to buy the computer. Did you meet the terms of the loan? Did you actually really use EIDL funds to buy the computer - a fixed asset (violation), or did you use your funds? Since you had funds, did you not "need" the loan in the first place (violation). Can you find a truly American made computer (double violation). What if you had some income in that month? Maybe revenue is down by 50%, are you damaged by the shutdown and then qualify? What if revenue is only down 25%, or 10%? You see the problems with this. The above scenario is I think much more realistic than "You can only spend the funds on..." edicts.
3) I like the comment about people claiming non-profit status because their business lost money last year. An old one, but good one!
Read what I wrote about a friend who is the only employee and sold his equipment. They only took the $1k grant.
I loved you analysis & yea I had some guy on one of the videos bragging he got a 2.75% interest rate when he must have filed incorrectly because he was not a non profit. Thank you for watching. loved the comment
Just really great Info. How can people not like getting this information when he is calling to get answers for all of us. New subscriber here. Love your content, very easy to understand. Hit that like button people.
That is very nice of you, tune in today at 12pm eastern for a live Q & A Session and I will answer your questions in detail. If you cant make it you can come back and ask the question again on this thread😎
Makes no sense, how in the hell are they gonna tell you what the hell you can use money that has to be paid back with interest on, the Sba is full of shit, also how they changed the guide lines of the 10, 000 grant to be paid to every business, to 1000 per employee some nerve,
Mogul..let those who filed suite, litigations reign."
agreed
Excellent info. Just subscribed. One thing I'm seeing is that people are ignoring the statement in the loan document that says Borrower cannot rely on oral statements from SBA representatives, so just because a rep tells you something doesn't mean it's true unless you have it in writing. Kind of important!
they are not liable
Great info as always💯💣
thank you bro, tune in today at 12pm eastern for a live Q & A Session and I will answer your question in detail. If you cant make it you can come back and ask the question again on this thread😎
I own a home daycare. I’m having hard time finding answers to this question:
1. Can I use the funds to purchase supplies? Example: baby wipes, paper towels, cleaning supplies? Such a great video, it’s the most informative I’ve seen online so far. Thank you.
Yes you can as long as your using it for your business.
If i were you I would, just check with your cpa first or contact these people
SBA Resource Partners (offering free business counseling) are available to help you with disaster assistance or general business assistance. Offices are closed due to social distancing, but counseling is available by phone, email or video chat.
For more information, visit:
SCORE www.score.org/coronavirus-sba-loans
MD SBDC www.mdsbdc.umd.edu/
seems like I'm hearing this more and more
@@CultureEstate I have been working with the SBDC and they had far less answers then you did.
I was under the impression there is no personal guarantee. Is this true?
According to a Forbes article: "you can't use an EIDL to refinance pre-existing debt.." Also many people run a business as sole-propreitor under their name. Can you then still pay off your personal credit cards you also use for your small business?
as long as you can prove you used it to pay for business expenses in the credit card. jst what I would do, always check with your cpa
This video is VERY helpful. I just got approved and I accepted an EIDL loan. I am an independent consultant/ S-Corp with casinos & hotels as clients, so the loan is just a safety net since these industries are the least likely to recover quickly. I do not want to unintentionally violate the terms of the loan, BUT The wording in the contract is very vague - which is disquieting, so THANKS! For your clear and concise help. Please do more videos for EIDL recipients like me. ❣️
We will be answering questions live today at 12pm eastern, hope you can make it! here is the link ua-cam.com/video/Tcp2JSnbCV0/v-deo.html
Something tells me the only way the SBA will question what you spent the $ on is if you default on your payments. Technically, if I pay the loan monthly with interest... why would they care what you do with the money? Any thoughts?
You and my CPA are on the same boat
I was thinking the same way too,if u don't default why would they care what you do with it or audit you.i wish i can get an answer to this.
Facts, just pay it off. It's only like $35 per month for me.
was thinking the same thing too
Great info, as always... I just received an answer from an SBA support agent regarding the following query:
"If I am paying payroll with my PPP, and I run out of PPP funds to cover the remainder of a particular (single) normal payroll payment, (assuming no separate PPP loan business account) should I pay the normal payment (i.e. $1,000 normal monthly payroll to one employee) and document what portion was covered by PPP and what portion the business covered as the remainder (i.e. $900 paid by PPP and $100 remainder covered by business)
--OR--
should I make these 2 separate transactions?"
SBA stated that "it would be BEST to do 2 separate transactions instead of trying to explain the portions of 1 transaction."
thank you for this info
How can someone tell you how to spend a loan you signed for! Grants are regulated like this but a loan naw that’s crazy
Many people agree with you
Because EIDL is a not regular loan
EIDL loan is a ECONOMICAL INJURY DISASTER LOAN.
This is a emergency money to keep your business running so you need to spend it just for your business purposes.
Bottom line is with hundreds of thousands of sba loans I find it impossible to track all companies. Not just that but trace all money in, out and receipts.
We will be doing a live Q&A today at 6pm eastern, hope you can make it to answer your EIDL & Stimulus questions
ua-cam.com/video/BWdu7DxRHAY/v-deo.html
Thanks so much for the info! As a self employed photographer I've had several questions. I only qualified for 15k so fortunately my business assets wouldn't be collateral. What if I need to buy a computer, which wasn't made in the US? What about paying for things to fix up my personal home that I use for business? What about making repairs on a vehicle that I use for business? Also, if I don't use the entire 15k, can I pay back what I don't use and if so, would that readjust the payment amount that I had or just the length of the remaining loan term?
I'm with you Jonathan, I'm a self-employed videographer. I qualified for $15k as well and I'm still confused if I can use it to pay credit card debts?
I'm a photographer as well. The easiest way to do this is create a 2nd bank account with only the EIDL funds. Use those for only approved things. Then use the regular account to pay for those other items that you want to do. The audit trail would be easy to show where they funds were used. If all the funds are mixed, it can be argued that you misused the funds.
@@curtissbryant Hi Curtiss, is it mandatory for them to audit you?
I don't know of any american made computers so you cant feasibly buy one here. if you built a studio at home then yes, if you redid the siding then no. and yes you can repay and the loan terms most likely won't change until loan is paid off in full
business cc only
surprised you only have 3k followers. I thought you would easily have hundreds of thousands.....great content.
on my way, lol. in due time, anything in life that is worth it is never easy or fast.
Hi, very informative great presentation! I have a two part question, can this loan be used to acquire inventory or pay off revolving short term debt specific for inventory acquisitions? Thank you.
I would believe so. I had the same question.
Great Question, tune in today at 12pm eastern for a live Q & A Session and I will answer your question in detail. If you cant make it you can come back and ask the question again on this thread😎
Great Question, tune in today at 12pm eastern for a live Q & A Session and I will answer your question in detail. If you cant make it you can come back and ask the question again on this thread😎
Thank you, great information. Next time use a less distracted background a raise your video post production volume 👍
Thanks for the tip!
I am nervous AF to spend a dime, but I haven’t taken a check since this has all started...am I able to reimburse myself for the two plus months?
services rendered only. but try contacting these free sba counselors
SBA Resource Partners (offering free business counseling) are available to help you with disaster assistance or general business assistance. Offices are closed due to social distancing, but counseling is available by phone, email or video chat.
For more information, visit:
SCORE www.score.org/coronavirus-sba-loans
MD SBDC www.mdsbdc.umd.edu/
Culture Estate thank you
I’m in the same position I don’t plan on reimbursing myself but as soon as my funds come in I’m taking the money to a new bank and opening a brand new bank account with just that money in it
Thanks for providing some clarification on this. I am waiting for the loan to be processed and have already gotten the PPP loan which is a fraction of what this is going to potentially provide. Given that I am strictly an LLC-S, the only main expenses that I would use this for is paying myself and likely advertising expenses if I go along that route). The hope is to pay it back well before 30 years are up. Hopefully these are good to go.
Appreciate the insight. This does help out a lot.
Great Question, tune in today at 12pm eastern for a live Q & A Session and I will answer your question in detail. If you cant make it you can come back and ask the question again on this thread😎
Please please please talk louder barely can hear you on these videos thanks for all you do to inform us just cant hear you 🗣
Got you
It makes so much sense what your friend said if it was a grant I think they scrutinize it more how its used cuz they're not getting it back. But being it's a lone you're paying interest on a loan so there making money off you so if they audit a million people that default on the loans that's 1 million accounts of Interest they're not going to get the fact that they're giving a lone means that they're not doing it to help you but they're doing it as a way to make money to the government or they would just be giving out grants like stimulus.. which also was only designd for you to just spend and put money back into the economy the gov is basically a loan shark a Loan shark doesn't care what you spend the money on as long as you pay it back to him with interest so I doubt they're going to scrutinize all those people on what you can use it for because why would they want to default on people's loans when they won't be getting none of your interest such as a car dealer who hates when you use cash... because they can't bang you on the interest... Or credit card companies who designed them for you to be in debt... so u cnt pay them off.. so that way they can keep making money off your interest U pay them No matter how lil
Thanks for sharing! I appreciate you watching and commenting.
I bought my car for my business if I heard right I can make car payments because I use my car for my business, but can I use the whole loan to pay off 90% of my car loan?
Great Question, tune in today at 12pm eastern for a live Q & A Session and I will answer your question in detail. If you cant make it you can come back and ask the question again on this thread😎
Yes.
@@CultureEstate Greetings, I'm looking for the same answer on using the EIDL to pay off my vehicle that is used for business. Thanks!
Same question here. I have limo business (Transportation business), like a sole member LLC. And I need to change my car ASAP. I got 34K. I assume I have the right to use part of this money to buy a new car to use in my business. Anybody have any ideas?
Good content, thank you for the video, your video is much quieter than other videos. I have the volume all the way up on my computer and you are still pretty quiet.
Sorry about that, it was a setting on my editing software.
I just recieved the loan last week can I return the money now or do I have to wait the 12month to give it back?
anytime is fine
How do you return It?
@@CultureEstate how would you return it?
Pay.gov I did but call sba give application number and they will give you loan number .. mine was taken out next day 😅
Best Video I have seen so far!
Thank you for watching! I really appreciate the comment, please let me know if you have any suggestions for future videos. Also don't forget to join the community by subscribing & turning on the notifications. Have an awesome day!
What if you dont use the loan..you just keep it as an emergency fund
Good question
You can just give it back within a year with no taxes
We will be doing a live Q&A today at 6pm eastern, hope you can make it to answer your EIDL & Stimulus questions
ua-cam.com/video/BWdu7DxRHAYW/v-deo.htmle
pretty awesome to see you grow throughout all of this.. your videos are definitely improving.. keep it up
We will be doing a live Q&A today at 6pm eastern, hope you can make it to answer your EIDL & Stimulus questions
ua-cam.com/video/BWdu7DxRHAYW/v-deo.htmle
Great vid. Are business loc’s considered long term debt? Could the eidl be used to pay them off?
Great Question, tune in today at 12pm eastern for a live Q & A Session and I will answer your question in detail. If you cant make it you can come back and ask the question again on this thread😎
Great explanation! Thanks
thank you for watching
I received my PPL loan. I was approved for the EIDL loan. Now I have decided to only take $25,000 instead of the whole amount offered. Can I change it midstream like this. There is no collateral required for the $25,000?? I don't want all those restrictions from the bigger loans. Is this correct?
you can change it but the loan agreement would have to get redone. You can't just send back the difference and expect to not have a collateral obligation, you would have had to have started with a 25k loan or less.
Hey i got this loan for $26,400. But i don't want a loan with collateral. How can i just cancel loan altogether?. Do i just call SBA and tell em to cancel loan. I only want a loan for $25000 or less so i don't need to present collateral.
lots of effort to make this video ! Thank you Sir
You are most welcome We will be answering questions live today at 12pm eastern, hope you can make it! here is the link ua-cam.com/video/Tcp2JSnbCV0/v-deo.html
I will never give that money back ! I'll pay it back before the 29 years or sooner. Keep the i formative vids
Thank you for watching
Great video thank you sir!
You are very welcome
Loans of over $25,000 require collateral, not up to that amount.
correct
It does not matter you default they are going after asset s anyway get the max return what you dont need.
Not true from what I have seen. Personal guarantee for only $200,000 and above. They are talking about business assets! Confirmed with my attorney. The property they are talking about is related to the entity only. Not me personally since my loan was only 48K. If you have some other info on this, would love to understand that better. UPDATE: I confirmed this with SBA very helpful tier 2 rep. No personal guarantee or security interest at all under $200,000. Maybe Sole Props are different?
Hope you can join the conversation today at 12pm eastern
Thanks for the video.
Question was approved for a up to $35,000 loan as a Uber/Lyft NYC taxi driver. Already got the $1000 advance and since I had no other funds in my account as PUA has not kicked in, and $1200 stimulus check just came, I used the $1000 SBA advance on personal expenses such as food and sending money to my wife which I have frequently done whilst working as a driver. I am not going to take the further portions of the loan , and just stick with the $1000 advance. Will this be an issue, I only got $1000 and nothing more but I used it to fund what I normally do with my business since I was not working due to pandemic and have been undergoing loss with no savings.
I think your safe, best of luck
Don’t worry about the grant, it’s free and not even taxable
A company vehicle wouldn't be considered a operating expense? Crazy smh
I totally agree, thank you for your comment. I you haven't done so yet please consider joining our community.
We had that concern..
thank you for watching! 👍
LOL, that was 17+ minutes of confusion. The guidelines are crystal clear and laid out on multiple sites to reference. It seems that you are intermingling EIDL and PPP restrictions, which would be extremely confusing. Good luck!!
How so? I’m reading off of their resources and calling them
The problem with calling them is that even the "Tier 2" help will give 10 different answers to the same question, it just depends who you get and if they are in a good mood or not. Sounds crazy right? All I'm saying is that while the video has some bits of info that may be helpful the best way to know what the actual guidelines are is to read them in black and white on the resources page of the SBA. Enjoy your day!
I'm an Uber driver, I applied for EIDL and they approved me for 50k loan amount, since 4 days ago I talked with a lot of customer service assistance and each one told me different story, my question was same " can I use loan for pay off my car leas contract? "
Even they don't have clear answer for you, some of them said yes, for sure , some of them said no and maybe. It's tricky and like a honey trap, because if I can't use for paying off my car leas contract , it doesn't make sense that someone get loan for gas and maintenance.
They does not communicate with you by email because they don't want to give you documents and the general agreement is clearly a trap.
does sound like you need to be very careful
I’m an Uber driver as well, you can’t use it to pay off or pay a lump sum on your car Smfh. You can pay all of your monthly operational expenses from the money. The loan is pretty much cheap money u can borrow so u can use the money you earn now to pay back anything you might be backed up on. If you are backed up on bills and stuff it does alleviate the pressure because of the small monthly payment.
@@Carlosgarciaa793 hey Carlos, im an Uber driver too, can i use the loan for car maintenance and minor repairs
Andres Mena yes, the loan is for working capitol. So you can use it to make your car payment, insurance, gas, toll, breaks, tires etc
Monthly payment, for some reason you can’t make lumps sum unfortunately
Thanks so much for the video. Yes I subscribed. I'm trying to figure out the ends and outside of this loan program. THANKS THIS WAS A GREAT START. GOD BLESS
We will be doing a live Q&A today at 6pm eastern, hope you can make it to answer your EIDL & Stimulus questions
ua-cam.com/video/BWdu7DxRHAY/v-deo.html
Can I pay my 2019 1040 (schedule C) taxes with it?
Good question
@@aaronaldama310 I'm pretty sure you can't pay them directly as they are personal taxes and this is a business loan.
Jesse Meza schedule c is specifically the self employment tax, which is the government’s way of recouping the social security and Medicare taxes that you don’t pay in during the year; like you would if you received a w-2.
Investing Architect what about just the federal taxes owed on form 1040 for the business? Would that portion qualify as an eligible use?
Great Question, tune in today at 12pm eastern for a live Q & A Session and I will answer your question in detail. If you cant make it you can come back and ask the question again on this thread😎
Clear, succinct and on point.
Thank you for watching! I really appreciate the comment, please let me know if you have any suggestions for future videos. Also don't forget to join the community by subscribing & turning on the notifications. Have an awesome day!
@@CultureEstate that was done a month ago. You consistently stay on point.
Thank you for the great information. Is there a way after confirming the loan amount to request a decrease to under $200,000 to avoid the EIDL Personal Guarantee requirement? Our client has not signed the loan documents yet? A client of ours has this issue. How can they avoid the Personal Guarantee?
It has to be under 25k if over that amount then you are on the hook for collateral
Your are phenomenal. You are very detailed, , and you speak at a 👌 pace, and easy to understand.
If selft employed, with no employees and applies for the $10,000 EIDL Advance but only received $1,000 do we need to re-apply for the remaining $9,000 ? If not what is the next step?
thank you for the awesome compliment, unfortunately you are not eligible for the other 9k. The 1k per employee is the only amount they are paying out at the moment. If anything changes, I will make a video on it
Thank you. Have a pleasant evening.
When I applied I said I would use it for rent and camping. So if they didn't like it then they shouldn't have given it to me. And I won't live 30 more years anyway
they are a mess
Lol I love it!
I don’t remember it asking me what I will spend it on🤔
Great video.
I guess my concern is the purchase of fixed assets because being in the car business, I sell automobiles and auto related parts. It is vital to my business that I am able to purchase those cars and parts for resale or I can't keep my business going. Obviously, I can use the funds to take care of other related expenses but I have to have inventory for resale.
I would use it for other expenses before buying cars. Always check with you cpa for the best advice.
How soon do I have to use the Funds (EIDL) after receiving them???
No time specifically
So if given a PPP Loan for payroll; after I gone thru 8weeks of payroll with the PPP , I can use the EIDL loan for payroll after the 8weeks is over ?
How do i compute the payoff amount my monthly payment is $68 for $13900. Sba said the interest is included in monthly payment already. So do I pay back $13000 or $24000
@@EVERYBODYWORKIN The way I read it was, assuming you only make the minimum payment every month for 30 years, you specifically end up paying $68 (your minimum payment) x 360 months (30 years) = $24,480 total. I believe this number can fluctuate assuming you pay more than the minimum or you don't pay anything during the initial 12 month deferral. It's best to air on the side of caution and just pay back as much as you can as soon as you can because there is no early payment penalty. Mathematically it would make sense to me that if you paid it off sooner, you would accrue less interest.
Full Disclosure:
I'm not a CPA or licensed financial advisor, please consult a professional. I am simply offering my understanding as a business owner.
@@hoptimusprime88 thank you 🤞
Awesomeness! Great Information.
Glad you enjoyed it!
Everytime I call the sba I'm on hold for at least an hour 😂
We will be doing a live Q&A today at 6pm eastern, hope you can make it to answer your EIDL & Stimulus questions
ua-cam.com/video/BWdu7DxRHAY/v-deo.html
About your 'american made products point.' The terms say 'The borrower, to the extend feasible,' which leaves open a pretty big loophole for businesses. I wouldn't even sweat that. And plus, they can't even process applications, what makes you think they'll have the resources to enforce that ? Really don't see that happening.
I totally agree
Thanks for the info. These loans are BS in my opinion and here is why.
If I am borrowing money that I am going to pay back with INTEREST why would it matter what I decide to do with it so long as it is spent within my business? They are laying claim to everything I own and will own business or personal until this loan is paid back with INTEREST.
I would advise everyone to think long and hard before you do this.
Many people agree with you! Thank you for the comment
Best video ever. Very very helpful. Can you please talk about how non profit organization can use that money. Thanks again.
thank you for the compliment, I will do my best
I received the EIDL loan disbursement into my business checking account to combine with money that the business had and is currently making. I am wondering about how to save receipts for all of the money being used from that account, as in how to distinguish when it is from the EIDL or from my own non-loan money. Also, how specific do I need the receipts to be? For example, receipts from every single store I purchase from using the business credit card, rent, business loan payments, payroll, electricity, etc.
Same question here!
keep a separate account and anything that comes out of there you keep records for
keep a separate account and anything that comes out of there you keep records for
@@CultureEstate would you set it up prior to disbursement, or do you think setting up an account after is OK?
Excellent job explaining thanks a lot
Glad you liked it😎
I'm a truck driver, I just wanna know can I use the funds to purchase a trailer, get my truck motor reworked and buy a service truck!
Great question
We will be doing a live Q&A today at 6pm eastern, hope you can make it to answer your EIDL & Stimulus questions
ua-cam.com/video/BWdu7DxRHAYW/v-deo.htmle
Please read the loan docs again. It is clearly stated that Real Estate is NOT included in the securing this loan. Personal or Business. Only business assets, but not including Real Estate!! Thank you
it also states any personal property tangible or intangible
Culture Estate I actually called the SBA today and specifically asked. Real Estate is NOT part of the assets you are securing this debt with. Call them yourself and you will see. This is a good thing
@@CultureEstate i spoke to the lawyer regarding that exact issue and he told me there is no mention of personal guaranty in the documents in any way and he had the document review by another layer as well , the wording is confusing for sure but that supposedly portray to business assets only
Will this loan affect my pua benefits if I accept it.
Yes, it could it you use it to pay yourself
In my opinion, No. It is a loan that you repay in installments. Not Income!
I have the same question.
In my opinion No! Cause its a loan and not a benefit.
Steve Cha that's what I read too! Why are the you tubers saying that the SBA disaster LOAN NOT GRANT will mess up PUA?
Thank you for your help thank you for a clear understanding of how to use this grant. What do you think about RV stocks, SKY or WGO?
I have not done enough research on the RV stocks, I have been focusing on the EV stocks. watch this video ua-cam.com/video/pgl1M0lB2Wo/v-deo.html
Hello, Great info. I received $11,500 EIDL loan, I am a sole proprietor, can I use the funds for a new business laptop, computers, tires for my vehicle, marketing expenses, all things I need but could not buy due to loss of business?
tune in tomorrow for a clarification on this
Thank you Cultural Estate for all of your efforts that you put into getting this information to us. Blessings.
I appreciate that 💪😎
So if the loan gets paid off early, can they still ask you for your receipts?
they exercise the right to audit the loan up to 3 years after the last disbursement
Thanks for the information. I got approved for the EIDL loan today. I have a business with one employee (me) and 3 contractors. I am planning to use some of the loan to pay myself, but are contractors' payments (1099's) also eligible to be withdrawn from the loan?
EIDL Loan Questions Answered LIVEEIDL Loan Questions Answered LIVE
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I am a small business owner gems. I get gems from overseas. Can I use the proceeds to pay my suppliers overseas?
SBA states that you have to buy products from within the united states if feasible, so document all the attempts you make to buy those products domestically and if not possible try to spend that money on all other approved business expenses and then as a last resort with your accountants blessing you can buy your products. Check with your accountant first and it wouldn't hurt to call the sba as well.
Can I contact you?
Gaanai Perera can I contact you?
Im a gig worker,ive lost alot of money thru the pandemic bcz i couldnt work.Am i allowed to pay myself for lost time from the EIDL loan?
Nice pool table!
Thanks for sharing! I appreciate you watching and commenting.
So how would an SE/IC for Lyft/Uber get approved for the EIDL or PPP? They said all of us could so I filed for both but haven't recieved anything but the generic emails from the SBA.
If I were you I would go for the PUA unemployment, the ppp & Eidl come with interest and potential fines if funds are misused. Have you qualified for PUA?
@@CultureEstate yea I already got that. How are people and small businesses supposed to get ahead then? After being shut down and behind for so long. We all know these politicians are lining their pockets. 1 hand washes the other Why not wash the face a bit with both??😄
I’m an IC. I received the EIDL grant a few weeks again. They offered me the loan this week. I don’t know if I’ll take it because I don’t have a payroll.
I'm an Uber driver and received $32000 loan offer.
Abib 2.0 so how do we use this? How can we? Can we use it as salary? But if it’s a loan how the hell do we use it as salary as a loan? So damn confusing....
What perplexes me is: My entire business model (rental property) is built upon buying and selling income producing real estate. Selling a fixed asset to buy a new fixed asset and collecting rents is part of the process. That is my "working capital". Also, repairs that are needed are paid for from "working capital". If I don't make repairs - then I can't rent the property and I lose money. Thoughts?
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My question exactly?
HI, I'm having a hard time getting the answer to this question. I am a full time musician. I have lost all gigs since March 14. Can I reimburse myself with lost gigs with this loan?
you can pay yourself for services rendered, so if your actively pursuing more gigs or doing marketing it than this could help you for the costs of those services. I personally think you're better off with the PUA. always check with your cpa first before doing anything
Can u pay off the loan in 6months if u wanted to
Do you need a loan to settle your debt or to pay off your bills? Have you been turned down constantly by your Banks and other financial institutions just because you have a low credit score? Do you need a loan or funding for any reason such as,
* Holiday Loans
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Note: We give out loan at affordable interest rate yearly.
Interested persons should contact us via email: capitalloan011@gmail.com to enable us open a loan processing file.
Warm Regards,
The best video for now ! One Question, what happen if we already receive the PPP that is 75% for payroll and the rest for utilities, we need working capital for our business, we can apply for EIDL ?
Yes
Great Question, tune in today at 12pm eastern for a live Q & A Session and I will answer your question in detail. If you cant make it you can come back and ask the question again on this thread😎
tune in today at 12pm eastern for a live Q & A Session and I will answer your question in detail. If you cant make it you can come back and ask the question again on this thread😎
What if I got approved for $150,000 and I decided that I only want the unsecured $25,000 can I change it to that so I don’t have to going threw all this stuff that you talked about ? please respond thanks
If you default they are going after assets anyway take max return what u dont need they are not gonna give you lump sum. Incriminates
You can take just the 25k only difference is that it unsecured. I know people who got the entire 150k in one shot. I hope this helps
Ii recieved eidl approved. But I'm in a different situation I purchased my buis threw. Cc. I pay off cc its finances that are in debt during pandemic. I'm in clear drops my interest rate so it's like refinancing. Hope it gives you blue print
Keep it in separate account. Run quick books on this account so you can make it clear. As long as you keep up with payment you should be golden. Keep good registration with money as long as as it's not buying assets you are good. But you are talking to sombody that buys 1500 dollars in deisel a week when economy is normal
Great video! Quick question on collateral. Let's say I own 2 companies. Company A and B. Company A gets approved for $100K EIDL loan, but there is no fixed asset collateral. Company B has a few real estate properties as fixed assets. Will SBA come after Company B's properties for collateral against Company A's loan?
Great Question, tune in today at 12pm eastern for a live Q & A Session and I will answer your question in detail. If you cant make it you can come back and ask the question again on this thread😎
So lets pretend I want one of those metal garages placed on site for my business, from what Im reading, if I use the money to purchase the garage its illegal however, If i put the garage on a credit card I can then use the money to pay down the debt I incurred on the credit card?
Lol
Addendum.
Since a credit card is not fixed debt I can not use the money to pay down that however, I can write myself a check for my lost income and then purchase the garage with the income that I had lost during the lockdown.
So if I lost 1k per month for 3 months then theoretically I can write myself a check for 3k.
No one really knows, just be cautious.
thats another strategy
Very Informational, Thank You
Thank you Lorin, I really appreciate the warm comment.
Sound like signing a Deal with the Devil 👿 itself.
I totally agree, thank you for your comment.
I have an important question: as an Independent Contractor doing customer service- If I pay myself reasonable "payroll" for services rendered from the EIDL, I can do whatever I need to do with that payroll, the amount I paid myself correct? (as long as it is reasonable payroll)? So basically, I'm asking if, once I pay myself a reasonable salary, I can do what I need to do with the funds correct?
Did you ever find an answer to this question by chance?
they have to be w2 employees only
Great video! Love the direct Q & A portion. Genius idea. Thanks & Take Care
TUNE IN TODAY AT 12PM EASTERN. WE WILL BE LIVE TO ANSWER ALL YOUR QUESTIONS. CLICK LINK BELOW
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Thanks for this it was very informative , we.just got approved for $69,000 and we are going to use it.
Glad it was helpful!
I will be live Tuesday June 9th at 12pm eastern tune in and I will answer all your questions. If you would like to schedule a Strategy Call, visit my website Culture.Estate and schedule a time that works for you.
Thank you sooo much for your valuable information very well explained 🙏👍
My pleasure 😊
Great video, man. Thanks for putting this information out there!
Thank you for the kindness, tune in today at 12pm eastern for a live Q & A Session 😎
Thank you this was really helpful! Is there a resource that tells me what is a fixed asset and what isn't? I'm a ceramic artist who would like to buy a kiln, but I'm not sure if it would be a fixed asset.
Also, do you know if I could pay off credit card debt I accumulated before the pandemic hit? Or only after?
Great Question, tune in today at 12pm eastern for a live Q & A Session and I will answer your question in detail. 😎
Thanks for the info, just some feedback. Your mic gain is really low compared to other videos. I had to crank it from 20 to 35. Also, can you write off the interest from an EIDL loan?
Yea, I didn't notice it until the video was already at 10k views. I took care of it. Interest on business loans is tax deductible, but I am not a cpa. Always get advice from your accountant.
Do you think a 2-year revolving line of credit falls under the same standard as business credit card balances. We had used our LOC prior to the disaster. Can we pay it off with our EIDL loan?
Right now we're hanging on to the EIDL loan in a separate account to only be used as a backstop is (when?) we get a second shelter order.
EIDL Grant & Loan Questions Answered Live | SBA NOW ACCEPTING APPLICATIONSEIDL Grant & Loan Questions Answered Live | SBA NOW ACCEPTING APPLICATIONS
We will be answering questions live today at 12pm eastern, hope you can make it! here is the link ua-cam.com/video/Tcp2JSnbCV0/v-deo.html