All Forum Posts by: Kirk R.
Kirk R. has started 69 posts and replied 925 times.
Post: Hey mister can you spare a dime, ahh quarter ahh dollar
- Peoria, IL
- Posts 967
- Votes 383
if it's a really good deal why they give it to you?
Blast from the past! Becca had one post 6 yrs sgo.
Post: Dog Urine and Crazy Repair Bill - What to do?
- Peoria, IL
- Posts 967
- Votes 383
search BP
Post: Stick Home vs. Manufactured Home to rent out
- Peoria, IL
- Posts 967
- Votes 383
Welcome Marion. Her post is two years old. Might try starting a new post
look at some of the spreadsheets on here. fill in the #s
Post: EIDL loan $1,400. way to legitimately take money?
- Peoria, IL
- Posts 967
- Votes 383
Originally posted by @Drew Vann:
Originally posted by @Kirk R.:
Originally posted by
I am in similar situation. Own a short term rental property that was severely impacted by COVID-19. We had thousands of dollars in confirmed rentals that were cancelled due to COVID-19 and no other recourse. We applied for EIDL very early on, unsure of what effects would be, and still unsure.
Got the $1k grant pretty quick, and now have been approved for a larger loan. It feels like we fit the bill for qualifying, but concerned about taking the loan.
Anyone in similar shoes- biggest concern I have in the SBA pdf it says "EIDL is not intended to replace lost revenue or profits" which is very confusing. If its not intended to replace lost revenue what is it intended to do? there is so much contradictory information would appreciate any input...
$1,400 at 3.75% is a no for me, UNLESS it's forgivable which I thought up to $10k on EIDL is.
$1,400 loan is gonna be more paperwork than it's worth.
PPP was forgivable. I do not believe EIDL is forgivable.
EIDL is forgivable for $10k. At least what I'm reading via Google search. I'll have to read the loan docs closely.
Post: EIDL loan $1,400. way to legitimately take money?
- Peoria, IL
- Posts 967
- Votes 383
Originally posted by @Drew Vann:
I am in similar situation. Own a short term rental property that was severely impacted by COVID-19. We had thousands of dollars in confirmed rentals that were cancelled due to COVID-19 and no other recourse. We applied for EIDL very early on, unsure of what effects would be, and still unsure.
Got the $1k grant pretty quick, and now have been approved for a larger loan. It feels like we fit the bill for qualifying, but concerned about taking the loan.
Anyone in similar shoes- biggest concern I have in the SBA pdf it says "EIDL is not intended to replace lost revenue or profits" which is very confusing. If its not intended to replace lost revenue what is it intended to do? there is so much contradictory information would appreciate any input...
$1,400 at 3.75% is a no for me, UNLESS it's forgivable which I thought up to $10k on EIDL is.
$1,400 loan is gonna be more paperwork than it's worth.
Post: EIDL loan $1,400. way to legitimately take money?
- Peoria, IL
- Posts 967
- Votes 383
Originally posted by @Erik W.:
@Kirk R., well, I agree it is funny....not in a "ha ha" manner but for of a nervous chuckle. I don't like doing business with the Govt in general. Too many rules, gotchas and Darth Vadar style, "I am altering the deal. Pray I don't alter it any further." Ref. Lando Calrizzian (sp?) in Empire Strikes Back.
If they cannot make the terms clear, that's even more reason to stay away.
I heard if I don't pay it back.
It's kind of like when you can't afford to pay for a meal, & have to go wash dishes.
Except I have to go mow politicians grass til i Work off the $1,400!
I don't feel too at risk because I'm pretty sure I can come up with $1,400. But if they accuse me of fraud, attorney fees could eat the $1,400 quickly.
I do hear what you're saying.
Post: EIDL loan $1,400. way to legitimately take money?
- Peoria, IL
- Posts 967
- Votes 383
Originally posted by @Erik W.:
The terms of your loan should be clear. If not, why did you sign up for it?
From those I know who have received EIDL, I hear the rate is 3.75% and the term is 30 years fixed. Nothing "forgivable" in it that I have heard, but maybe I missed something. The PPP is forgivable if at least 75% is spent on allowable items such as salaries, mortgage interest, etc.
Government loan? Terms clear?
LOL good one!
Post: EIDL loan $1,400. way to legitimately take money?
- Peoria, IL
- Posts 967
- Votes 383
Originally posted by @Joe Splitrock:
Originally posted by @Kirk R.:
About April 2nd I put in for EIDL loan.
Yesterday I got approved for $1,400.
Apri 2nd I thought some of my renters wouldn't make rent. all of them did.
So obviously I want the $1,400 which I think is forgivable.
Anyway to take money legitimately?
It is sad because there are people in real hardship that actually need the money and it is gone because people applied for it who were not even in hardship situations. Keeping the money is fraud. Look in the mirror and decide who you are.
i don't consider it fraud. I am able to look myself in the mirror.
My philosophy is cheap with big business/government. fair to generous with small business owners & generous with individuals.
I was checking out at Home Depot Yesterday. I told checkout person I had 12 air hoses. I walked out the door & on way to my car realized I had 14. I walked back in & paid for the extra two. This would have been theft.
I plan to play to the letter of the law.
Less of my tax dollars the government has, the less they have to embezzle/mismanage/go golfing/give away big retirements etc.
I haven't taken the money or read the loan docs yet. But I am planning to do both.
As was said we aren't out of the woods yet. Some of my tenants are potential no pays.