Im a little surprised we have so many business owners on this site
I think Dan, jwax and I all work for ourselves with no employees but I could be wrong.
1 Like
Ah ok, I haven’t followed these grant/loan programs very much. For some reason, I thought they were only for businesses with employees. I must have read something wrong.
That is mostly PPP although you can get that also as a solo. EIDL is basically an unforgiveable loan unlike PPP but for solos I think it is easier to get more.
1 Like
Any idea what they use as criteria for determining eligibility? I have an uncle who does solo construction work but hasn’t applied for this yet, and it sounds like he would probably qualify. Is there an income threshhold or anything like that?
Not really. They do pull credit for the eidl and there are credit requirements but i only have maybe a 700 and was approved so they must not be too bad?
Decided to do the EIDL loan for $24,500(was approved for 40k) last night. Was approved this morning and just signed loan docs. Got the advance a couple months ago for 1k.
Got PPP money April 30th and thinking I need to wait to apply for forgiveness till July 25th. Thats 2.5 months after getting the funds which all just go to me as a sole proprietor. As I understand now the Full PPP minus the 1k EIDL grant will be forgiven which gives me and extra 4k I thought i would have to pay back before they changed it.
My plan is to use the PPP till July 15th for my payments, submit forgiveness app, pay back the 1k that wont be forgiven right away, then start using the EIDL for documented business expenses so EIDL and PPP wont overlap in anyway.
Then in 1 year I start $120/month payments on a 30 year loan at 3.75%. I will carry that forever or until I don’t want the debt anymore and have no better place to put the money.
1 Like
Also, I did a lot of research online and asked a Lender I know who seems to be up to date on all this if this loan would effect me for a future mortgage. The consensus seems to be, even as a sole proprietor, the EIDL doesn’t get reported to credit agencies and wont even show up for things like applying for a mortgage. Hope that is true as it was my main worry holding me back from getting it before.
Me too. There was a brief period up till Corona where I was determined to use the profits to hire industry colleagues who honestly are a lot better at this than me but have struggled to find people who will give them a shot, but let’s just say I am experiencing a hiring freeze 
I am so small time though that I think I just assumed I would be auto denied for EIDL. Was this perhaps a mistake?
1 Like
I think you can still apply for eidl. They are not out of money.
TY. I will apply this weekend and keep all of my fingers and toes crossed that I get to come back ITT feeling like an idiot.
Supposedly all 1099 and self-employed (sole proprietor) PPP loans will be 100 percent forgiven. I wouldn’t apply for forgiveness until this is certain. I also still haven’t heard anything about whether forgiveness will be treated as taxable income.
Based on an email from my bank, the changes they made to the program recently said you can wait as long as 10 months to apply for forgiveness and that payments won’t start until your forgiveness amount has been determined and approved. If the forgivable part is taxable income, I’m waiting until the beginning of the year to apply for forgiveness.
It has changed to full forgiveness minus the EIDL advance right now is my understanding, but yea that could change to just full forgiveness.
It looks like the forgiveness amount will not be taxable for sole proprietors from what I have researched, but definitely not sure on that.
If it is taxable I am not sure you would be able to claim it all when it is forgiven or if you would have to claim it when you used it which would be this year.
You rail on people for eating meat but work in oil and gas, seems odd?
I hope there’s a lot more guidance for how it works on forgiveness.
The implementation of this program has been a nightmare (I never did EIDL but did 1099 PPP), and the best gotcha is that the 5 year repayment plan of anything that’s not forgiven that was added in was only for new loans AFTER the bill was passed. That means it misses something like probably 90 percent of people who are part of PPP. They said, hey, you can negotiate with your bank to see if they’ll change your repayment terms. That absolutely should have been made retroactive, as they effectively make you pay back (at least my bank does) your whole loan amount in 18 months instead of the 24 in addition to the 6 month deferment it appeared to be advertised as.
Tofu doesn’t pay for itself.
1 Like
I do leasing and title for O&G. I would prefer to do surface leases for solar and wind, but most of that work is in other states at the moment.
I’ve mostly supported myself with poker for the better part of a decade. I was only able to get $5,200 for EIDL because my O&G LLC had such little revenue last year.
But yea, I think eating factory farmed meat is reprehensible by people that claim to be pretty far left. “Your“ decision to reduce your consumption of meat leads to consequences in the food industry / supply chain. My decision to research old land instruments to determine who gets a royalty and bonus check doesn’t have the same impact imo.
I’ve acknowledged that we are all hypocrites to degrees. If it makes you feel any better, I haven’t done any oil work since last April. I haven’t bought meat at the grocer in 5+ years.
Yep. I have an LLC and no employees.
I’m a single member llc and applied and just received grant . They pull credit and use vantage score. I believe it has to be 520 or 480. It’s something really low. They also will let anyone co-sign for you. There are some good threads on reddit about the process.
Collateral is required for more.
1 Like