Quote:
Originally Posted by RickFLM4
I waited until cash hit my account before posting...
I submitted an application for EIDL back in March. I later got an email telling me the max grant would be $1K / employee up to $10K rather than a flat $10K. As a sole proprietor I assumed that meant I might get $1K but would probably get nothing. More time went by, I heard nothing and figured the funds were probably exhausted.
Anyway fast forward 2 mos. and I got zero grant but qualified for a good sized loan. I took about 60% of what they offered. Not forgivable but repayable over 30 years @ 3.75% interest beginning in June 2021. Funded today and moved into an MMA to sit there for working capital as some clients have been slow paying. Other than slow pays business has held up mostly ok for now but not sure what lies ahead. So having the extra cash just in case is good. I can prepay with no penalty if I so choose to do so.
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I actually did the same exact thing. They offered 165, we took 100, they funded us with 110 as we have more than 10 employees. Is very nice to have a cushion. Now that terms of PPP have changed, and having only 40% capacity in the dining room with Az spiking again, thinking we may apply for that again as well. Road to recovery for Az is appearing to get longer...