The rules about EIDL eligibility and use seem even more nebulous than the PPP, which is really saying something. I have read that using it to re-finance other debt is a no-no. I have a credit line with Wells Fargo that I’d love to pay off. So I’m thinking of doing that today, before the EIDL is even approved. Then if/when I need the EIDL in the future for business operations (which is likely because I’ll have used a big chunk of my reserve to pay off the WF credit line), it will be much easier to make the case I didn’t use the EIDL improperly.
I’m a pass through business so it’s easy for me to keep a 3,000 buffer in the business account (I do regardless) and that’s the loan amount. It just frees up 3,00 of cash flow on the pass thru side (assuming the wife keeps working and My gigs return before UI runs out).
Hopefully being an advocate for all those varied and multilayered clients could lead to networking opportunities that might land her a job doing work she enjoys more
She has tons of contacts and everyone loves her. Unfortunately, this is the wrong time to be unemployed. We’ll see what happens.
Her company was generous, at least. She had only been there since August and they gave her 4 weeks severance and extended her health benefits through May. She’s already been talking to the guy there who deals with ACA about our best move for insurance. He thinks we should get a decent subsidy.
I also remembered that we have a pretty good chunk of money in a cash account at Merrill that we can draw from if we need it. It was an inheritance that we’ve been using to fund 529 accounts for our kids. I stopped those contributions today, just in case.
EDIT: Just checked in with her on the other floor of our house and she has a phone interview tomorrow. From prior experience, odds are high it’s a crap job with low pay (especially with supply outstripping demand), but an interview is better than not an interview.
Definitely not. As things currently stand I believe forgivable expenses need to be incurred and paid in the eight weeks immediately following the loan’s funding. Some rule changes are being proposed, but I don’t think back pay/rent/etc is on the table.
With that said, I don’t think there are any rules against people receiving PPP money having other income, but I’m not an expert.
Still haven’t gotten more word on EIDL, but I finally got unemployment + 5 weeks of back pay. That $600 on top from Bernie is the only thing that makes it worth it. Feel pretty scummy that I’m making more on UE than any essential worker at the grocers / restaurants / gas stations.
Weird experience with ally bank. I have an account with them that I let get overdrawn. I was not worried about it as they were waiving overdraft fees.
So when the account was overdrawn they charged me a fee but then credited it back the next day.
A.couple of days later I see some sort of credit called stimulus overdraft refund or something which was a credit for the amount I was overdrawn ($40 ish): I thought it was weird and very unbanky. Today I got an email confirming that is what they did. They paid me for the amount my account was overdrawn.
I don’t think banks are giving you the money I’m pretty sure it’s just a 30 day loan. They were getting a lot of shit for taking people’s stimulus checks to pay charged off and overdrafted accounts.
