Thanks for the info.
Anything else to look out for or concerns we should have in taking out these loans? Are there any other negatives to the EIDL Loans?
It’s not forgivable.
You’re required to keep all kinds of business records. They can audit your business at
your expense. You have to keep records of how you spent the funds.
There are also a bunch of clauses under which they could technically find you in default, including if you don’t pay taxes. You can probably find the loan docs online and see if anything concerns you or your attorney.