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Forum
-> Household Management
-> Finances
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amother
OP
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 Thu, Jun 25 2020, 3:33 pm
I was approved for the EIDL loan but scared to sign the docs. I am a sole proprietor and my house is my collateral. I do not need the money now for something specific but figured "Hey its good to have in case we find a good investing opportunity.."
What are your thoughts?
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amother
Wine
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Thu, Jun 25 2020, 4:13 pm
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Are you allowed to apply for it if you don’t need it? Isn’t the point if you suffered a loss?
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amother
Salmon
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Thu, Jun 25 2020, 4:26 pm
Just because you suffered a loss doesn't mean you need the money now urgently.
I'm considering applying too. We got PPP (as self-employed) so that is majorly helpful, but it's going to run out.
Our business hasn't closed, but we're definitely not doing as well as we have. Having a loan available could give us some breathing space.
My problem is that one of our main expenses is paying off debt, which is explicitly forbidden for the EIDL money. So I'm still unsure.
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amother
OP
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Thu, Jun 25 2020, 5:49 pm
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It's so silly that you are not allowed to pay off debt ..My thoughts are that if you pay on time they will not come after you..
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amother
Lawngreen
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Thu, Jun 25 2020, 8:11 pm
| amother [ OP ] wrote: | I was approved for the EIDL loan but scared to sign the docs. I am a sole proprietor and my house is my collateral. I do not need the money now for something specific but figured "Hey its good to have in case we find a good investing opportunity.."
What are your thoughts? |
Read the terms of the loan.
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amother
Sapphire
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Thu, Jun 25 2020, 8:26 pm
I believe you can use it for short term debt
quote="amother [ Salmon ]"]
My problem is that one of our main expenses is paying off debt, which is explicitly forbidden for the EIDL money. So I'm still unsure.[/quote]
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