updatesubmitted application 9/10
9/10 ? Tomorrow ?
You got the full $15k (targeted plus supplemental) within a week? That's a record.
Mwthinks he means 9/1 based on post history in this thread.
SBA EIDL Rule Changes-Restaurants can now apply even if they have 500+ employees-EIDL loan proceeds may now be used to pay off all debt (could be beneficial to pay off commercial mortgages)-Corporate groups are limited to a maximum of $10M in EIDL
Can you explain this? There's no longer a restriction on what the funds can be used for?
All other restrictions apply- only the debt restriction was removed (relocation, construction, owner bonuses etc still apply).
Thank you. The debt had to have been there already before the loan was funded?
With this increase to 2m, the SBA is seriously putting banks out of business.
COVID EIDL loan proceeds may be used to pay debt incurred both before and after submitting the COVID EIDL loan application
Great. Time to rack up some debt before my loan is funded.
What is the gain of taking debt to pay off with the other debt?
Take a commercial mortgage for example- they're usually ARMs. If you have one and can pay it off with EIDL proceeds, you now have a 30 year fixed mortgage at 3.75%.
...To use the funds for categories that are on the SBA excluded list.
I understand the advantage of EIDL. My question was why take the commercial first and not go straight to the EIDL. This answers that.