On December 22, 2020 Congress passed the stimulus expenses including newer EIDL funds, new income Safety plan financing along with other business cure. Read more about that rules thereby applying for a fresh PPP financing here .

“Should I accept my personal EIDL financing?” That question got lately presented in my opinion by a pal whom got a contact from the SBA stating she had been approved for an Economic damage problem mortgage (EIDL). The woman is not the only one in her concern. After months (or several months) awaiting an approval from small company government, companies are now obtaining gives in addition to papers which includes all of them questioning if they should take the borrowed funds.

Here are five explanations maybe you are thinking whether you should accept an EIDL:

1. Your Aren’t Positive How To Use the Resources

This business manager whom posted in the industry Loan knowledge funding Hub – PPP, EIDL and much more on Twitter is actually unclear about just how resources can be used:

I WANT it, am still hopeful I have they, but every “chatter” even has me 2nd guessing. May I utilize it for rental, for payroll, for resources, for credit card debt (used when buying supply), or is we “handcuffed” with ways to use these resources? (more…)