Why not take secured EIDL?
I've been approved for a pretty sizable secured loan. I read the terms, spoke with seasoned investors, and spoke with SBA. Unless I'm missing something, it seems that taking this loan is a no brainer.
What am I missing? Does anyone disagree? What are the main cons? How will it prevent me from growing my business?
I only see a lot of opportunity/potential with this loan
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I, also, was approved for a sizeable EIDL and am taking it. The terms are great and I would be foolish not to take it, not knowing when this Covid-19 Pandemic will be over with. Especially since THE GOVERNMENT has shut down many of my "small business" tenants for an indefinite period of time, and many residential tenants are out of work due to their employers being shut down, so they are unable to pay the rent they owe me. And this is through no fault of mine. Also, the Government has put a moratorium on evictions, so Landlords are stuck eating the loss. Further, being a Licensed Real Estate Salesperson (independent contractor) whose livelihood has been negatively impacted by N.J. Governor Phil Murphy's Executive Orders, I am having difficulty getting the PUA that I applied for back on March 30th. Enough is enough. The Government OWES me.