EIDL Loan-Uses

[twinsand4]

I qualified for $6000. I’m so nervous to accept it bc I heard you can only use it for certain things. This summer I was going to put up a fence in my back yard and redo the floors and paint and update my daycare room. Can I use the money for that kind of stuff?
I would greatly appreciate any advice!

[TomCopeland]

Eidl

I qualified for $6000. I’m so nervous to accept it bc I heard you can only use it for certain things. This summer I was going to put up a fence in my back yard and redo the floors and paint and update my daycare room. Can I use the money for that kind of stuff?
I would greatly appreciate any advice!

You cannot use the EIDL loan for repairs or fixed assets. Fixed assets include items lasting longer than a year: furniture, appliances, fence, deck, home improvement, etc. However, you can use it for any other business expense including paying yourself payroll. Once you pay yourself payroll you can then use that money for the items you list. To determine how much to pay yourself for payroll, use the average weekly profit from 2019 and pay yourself that amount each week.

[twinsand4]

Ok. Thank you. I don’t have a business account so if I just put it in my savings account can I jsit transfer that weekly amount over each week?

[Jo123ABC]

Ok. Thank you. I don’t have a business account so if I just put it in my savings account can I jsit transfer that weekly amount over each week?

I also want to know this! Is it going to for-sure be forgiven or is that just the ppp loan? I received funds from both

[TomCopeland]

Eidl

Ok. Thank you. I don’t have a business account so if I just put it in my savings account can I jsit transfer that weekly amount over each week?

Yes, transfer money weekly into your savings account.

[TomCopeland]

EIDL vs. PPP

I also want to know this! Is it going to for-sure be forgiven or is that just the ppp loan? I received funds from both

The EIDL "loan" is not forgivable. The EIDL "advance" of $1,000 per employee is forgivable. The PPP is forgivable. If you got both the PPP and the EIDL "advance", you must reduce the forgivable portion of your PPP money by the amount of the EIDL "advance".