What would you like do with $15,000?

amother

Sat, Jan 08 2022, 6:35 pm

Bh we were approved for the SBA grant. At this point, I feel like the money I lost is in the past. Bh no debt but my business changed drastically and I don’t want to put money into it the same way we did pre-Covid. I know it isn’t boatloads of money but I would love to make it grow somehow instead of having it melt away into our expenses and becoming irrelevant.

What would you do with $15k cash?

vintagebknyc

Sat, Jan 08 2022, 6:37 pm

I’d put it in my IRA. It depends on your age: I’m 56

amother

Crimson

Sat, Jan 08 2022, 6:57 pm

Right into the account we use to pay tuition.

amother

Narcissus

Sat, Jan 08 2022, 7:05 pm

All the home repairs that have been neglected, holes in walls and ceilings, broken gutters, etc.

amother

SandyBrown

Sat, Jan 08 2022, 7:07 pm

I'd put it straight into debt, but you said you don't have that B"H.

So two choices:

1) Invest in Gashmius - put it into mutual funds or other similar stock packages, and forget about it for at least a decade.

2) Invest in Ruchnius - give it to a Tzedakah close to your heart. Hashem promises to repay Tzedakah.

amother

Amethyst

Sat, Jan 08 2022, 7:07 pm

Hoping we get approved with Hashems help! Will use towards down payment iyH when we find a house in Lakewood with Hashems help!!

shabbatiscoming

Sat, Jan 08 2022, 10:52 pm

I would put half of it away to let grow and the other half I would use on things we have wanted to do in our home every since we moved in but have not been able to.

amother

Lawngreen

Sat, Jan 08 2022, 10:56 pm

Are there new SBA loans for 2022 or is this from an old round?

amother

Gladiolus

Sat, Jan 08 2022, 10:59 pm

Idk the rules, but I know some of the loans you had to prove the money went into the buisness for it to be forgiven. Make sure you read the fine print before you make Grand plans

amother

Sat, Jan 08 2022, 11:09 pm

We did not apply for the loan- which does need to be repaid. This is a grant awarded to small businesses who lost at least a certain percent of their income.

We’re in our low thirties and have three kids. I would love to save up for them. I’d also love to buy a house but in the current market $15k doesn’t really get us anywhere.

What’s the best way to “grow” the money? Leaving it in our account will just let it shrink with inflation, as far as I understand…

amother

Mayflower

Sun, Jan 09 2022, 4:18 am

amother [ Gladiolus ] wrote:

Idk the rules, but I know some of the loans you had to prove the money went into the buisness for it to be forgiven. Make sure you read the fine print before you make Grand plans

The grants are not repaid an you can use however you want.
The loans you so need to show was used for business in very specific ways. But this isn’t that.

amother

Bronze

Sun, Jan 09 2022, 6:15 am

SG18 wrote:

Invest in cryptocurrency

Can you explain what that is?

amother

Tulip

Sun, Jan 09 2022, 6:19 am

amother [ Mayflower ] wrote:

The grants are not repaid an you can use however you want.
The loans you so need to show was used for business in very specific ways. But this isn’t that.

This isn't true for all the grants. I got two PPP grants for my business and I had to show how I used them before they were forgiven.

cnc

Sun, Jan 09 2022, 6:22 am

amother [ Tulip ] wrote:

This isn't true for all the grants. I got two PPP grants for my business and I had to show how I used them before they were forgiven.

Grants aren’t loans- they don’t need to be forgiven.