Attorney Explains EIDL Contract Documents (Detailed Overview of Loan Terms)
Will EIDL Loans be Forgiven?
All US citizens are eligible Relief, and Economic Security (CARES) Act which expands the Small Business Administration’s long-standing Economic Injury Disaster Loan Program (EIDL). The EIDL program was created to assist businesses, renters, and homeowners located in regions affected by declared disasters.
The U.S. Chamber is working to ensure Congress replenishes the funds to meet demand from small businesses in need. For immediate assistance on a question or application, please email: DisasterCustomerService@sba.gov
SBA EIDL - Okay I got approved for $120,000 out of the $150,00 they offered me and I finally received the Promissory Note and the Contract that the SBA has sent me... I'll go ahead and breakdown the promissory note and what provisions are in the contract that I like and I don't like. Please remember that I am NOT AN ATTORNEY so this video is simply my interpretation of the contract. Please seek your own legal counsel and advice from a licensed attorney! Here it is! SBA EIDL Approved... Contract Breakdown. Enjoy!
Now, this video MAY gets shutdown if SBA asks for me to shut it down due to non-disclosure reasons. (I didn't see any non-disclosure clause in the contract) But we want to be safe and compliant.
$10,000 SBA EIDL GRANT IN 3 STEPS
Here are 3 Steps to getting funded. 1. Pass the bill as pinned in comments and get all legitimate small business owners, sole proprietors and independent contractors $10,000 EIDL CASH ADVANCE WITHIN 72 HOURS. 2. If you have a credit score of 570 or higher help small business owners win reconsideration for DENIAL OR INCREASE. 3. Work like hell to get the ENTIRE EIDL LOAN FORGIVEN within 6 months before the first payments become due. NEW PPP has a formula of serving small business of 300 employees or less and if you can show a 50% decline in revenue year over year. It wouldn’t surprise me if the same parameters are used with respect to possible EIDL loan forgiveness. EIDL LOAN FORGIVENESS is an absolute long shot and offers NO GUARANTEES. But the same guy who helped get this new Senate bill to the one yard line will fight like hell to get it done.
What can I (and can not) use the EIDL loan for?
What can you use the EIDL loan for? I know so many of you keep asking your CPA, Accountants, and even the SBA and cannot find a straight answer on this simple question, "What can I use the EIDL loan for?" In This video I will decode the what the EIDL loan contract means, including collateral requirements, hazard insurance, fixed assets, distribution of assets, and how you need to keep records.With this information you can make the best choices for your business and use the EIDL loan the best way during COVID-19.
EIDL Loan Grant Update [more money and distributions] Aug 21, 2020
In this video I'm talking about the EIDL loan grant update for August 11th 2020. The EIDL advance grant is over but a second round might be in the next stimulus package. 11 senators are pushing for more funding and a second round of the EIDL advance grant and EIDL loans. The update to the current EIDL loan and the limits on distribution of assets was clarified in an email received from the SBA. The use of the EIDL loan funds has not changed but the limits on distribution of assets has now been answered.
Three Top Reasons for Denial of An EIDL Loan and How to Get Approved – Aug 21, 2020
These are the Three top reasons for denial of an EIDL Loan and how you can get approved. The third one is the most preposterous. No small business should’ve been denied an EIDL disaster loan. #eidlloan #eidlgrant #teconsideration #iallegedly So many business people have reached out expressing their dissatisfaction with the EIDL grant and loan program. The fact that so many businesses were told that they did not suffer an economic injury is nothing short of preposterous. One business that reached out is Bark Boulevard in El Cajon, CA. They have struggled to get an EIDL Loan because the SBA said that they were not negatively affected by the corona shenanigans. Ridiculous. Support this great business. Bark Boulevard 2144 El Cajon Boulevard San Diego California 92104 619-255-0980