All Forum Posts by: Sharon Rosendahl

So what can we use the EIDL loan for? I have seen a copy of the documents and it still isn't very clear. Can I use it for opex despite having tenants pay rent or can I only replace rent. ie, someone doesn't pay me $1000 so I can only spend $1000 and at some point would have to return the balance of the loan if no one else misses rent? Or can I use it for opex despite no one missing rent. Or can I use it to replace my current reserves then use the loan money to cover opex but spend my reserve however I want?

I think what you get depends on who is processing your app. I put 0 employees and got $1000. There seems to be no rhyme or reason as to who gets processed when and who gets the advance.

@Account Closed They haven't offered me a loan yet but they sent the $1000 and pulled credit. Nothing but canned emails since. If I were to get it I would be worried I am violating something if I spend any more than any missing rent. That windstorm happened during the shutdown but obviously has nothing to do with the virus. I was  hoping that as the documents came out there would be some specifics in them but I guess not. 

Thank you for all the information. I have received the $1000 advance and had my credit checked but nothing else. I was curious what the terms of the loan would be. It doesn't look like it is too specific. ie, I had storm damage to a roof. My insurance deductible is $1000. Is this considered opex or is it considered capex and not acceptable? Also, it doesn't seem to be too specific about can I use only what any tenant shorts me? So if I get 25k but have a tenant not pay $1000 then I can only use $1000 since everyone else paid? or can I pay opex like unit utilities even if the tenant has paid therefore keeping my reserve to spend as I wish? I hate vague contracts.

I got the same email. I take it that it means they haven't thrown my application out since they haven't looked at it yet. 

@Jeffrey Allen That is a good idea. It will make supplying any proof much easier if that is needed. I feel everything that is going on is really helping us all figure out who our friends and allies really are and let people rethink their priorities.

@Jeffrey Allen One of my neighbors who runs a pet shelter also applied through a smaller, regional bank for PPP. She had tried through a national bank and they weren't very compelled to talk to her. There were some tech issues and then confusing, conflicting notices but no one would or could answer her questions (our local office is nice but most real decisions are now corporate ones). She went to a local bank and in days had her approval and deposit. You can't just close an animal shelter so volunteers had been coming in to help care for the animals. I'm actually thinking of moving some of my banking over to that small regional.

@Jeffrey Allen I did not as I don't have employees but one of my neighbors did. Her business isn't real estate. During the first round, she had applied through a large bank. She was sent both a rejection saying her business didn't qualify and and acknowledgement of receipt of her application. She didn't get anything. She started working with a smaller local bank before the new round of money was approved and soon as it was available she applied and was approved. 

Another neighbor applied through that large bank and also received one so I don't know if the first lady just had tech errors or if the big bank just took the quick road and made huge loans to big companies.

Strange, my 4/2 app was 360045xxxx and I got my credit check and deposit on Friday. 

EIDL applied 4/2, no employees. Schedule C. Today they pulled my credit and sent me $1k. No other info though so now I don't know what I can spend it on. It isn't enough I'll stress on it. I'm waiting to really see the terms of the loan and how much it will be.