We're so glad you found it helpful! If anyone else is looking for the EIDL Calculator and Tracker it is now fully updated for the 30 month payment deferral period that the SBA announced in March 2022! jamietrull.com/eidltracker
I wish the SBA become more lenient on how the loan can be used for the business. After all, we are in a extraordinary situation. Your video gave the most understandable take on this topic. Thank you and more power to you and your endeavors.
I totally agree with your sentiment. And I would not be surprised if they eventually expand the potential use of this loan in the near future. As they did with the PPP eventually. Expanding to the 40/60 split from the 30/70 split. Which was much more in line with reality for small business. But politicians need to hear from us for that change to take place.
But would this not go against the very intention of the Government! 1. TAKE FROM THOSE WHO BECOME FINANCIALLY SUCCESSFUL 2. KEEP OTHER'S FROM ATTAINING that WEALTH AND HAPPINESS 3. AND KEEP THE OTHER'S BROKE, BUSTED & DISGUSTED...money is still in the prison system! And the personal info we had to share just to get the loan from these participating private financial institutions. plus I'M STILL IN DISBELIEF THAT THE SBA WOULD ALLOW PAY PAL to also issue this loan and the personal finacial info that many had to give to them. "Fee- uckkk!" Sometimes I regret having giving my mind, body and soul over to the U.S. Military during my younger years. She presented some great information, yet it pissed me off to hear it.
A Melek S , sounds like you have some deep seeded emotional baggage. Time to let that go..., life is short, and you have the rest of your life to live.
I just got my grant approved. Wish I had gotten this information quite a long time ago, but it’s better late than never. For the benefit of those looking get their grants, Write me on Tedbunkerr(a)gm a il. Co m to get acquainted with the process to get yours too.
Yea and it's a loan it's not free money. I think they should allow for helping businesses not just survive but be able to help grow their business because if a business is not growing it's dying. Surviving is not how a business lasts. Survival means you are on the edge of losing your business. The only thing that should matter is do you qualify which all of us did since we all suffered through the Pandemic and then are you paying back your loan? Ok you are then the SBA should say we will leave you the hell alone! This is why I hate government they always want to control us!
Having a credit card debts can actually be a very bad experience. I didn’t get approved because of my debts, I mailed Mark about my credit issues. He help me raise my credit score to 820 excellent and cleared all negative items on my credit report and also added beautiful Tradelines. His service is secured, fast with affordable price. Get more info via mail [CREDITPATCHUP.COM]
I saved your video to my watch list and I am watching it today and the information is so useful as I will start repaying the SBA loan. Thank you, thank you so much. Fantastic information!
I would have preferred that you provided what we can use the loan for vs. what we can not use it for.. Can you do another video explaining what the loan can be specifically for. Thanks..
Excellent video! I’ve watched a lot of these and yours is my favorite. Very clear, great energy and very thorough. It clarified a lot of confusion I had from other videos. Looking forward to your future videos!
God bless you for this! As a small business owner in an industry that has been extremely slow to recover, I appreciate clarity in fund usage. Thank you!
Thanks.. The most informative video about EDIL I have heard and seen so far.. Thanks for helping all of us by explaining in detail and simple language...
Thanks Jamie, this was a very informative video. I've been scouring the internet, trying to find out if credit card and loan debt incurred during the shutdown can be paid down with the EIDL funds. You made it very clear that short-term debt, typically with a 12 month or less term is acceptable to pay down. Also, the fixed asset purchase was confusing, which you cleared up nicely. If it can be expensed then good to go, if you depreciate the asset on your tax return, then probably not acceptable. I appreciate all the good information!!!
HW Helser: with that said, if you can build a convincing case that investing in new fixed assets was necessary to adjust to new COVID realities, then I think it will fly too, although you might want to call them to double check first.
I just got my grant approved. Wish I had gotten this information quite a long time ago, but it’s better late than never. For the benefit of those looking get their grants, Write me on Tedbunkerr(a)gm a il. Co m to get acquainted with the process to get yours too.
This video was super helpful - thanks Jamie! The only thing that is still confusing to me as a LLC, Sole Prop. is rent - as my place of business is home. Does anyone know if the loan can be utilized for rent if one works for home or at least utilized for a portion? I know there is a formula my CPA uses based on square footage of my office for tax purposes.
Thank you SO much for this information. You gave in 30 minutes what another "popular" youtuber milked for days in attempts to garner income. That's ok for him, because capitalism :0 I just needed straightforward answers that I thankfully found here. You're the best!
I have a LLC Business and I applied for the EIDL and was approved way to easy, I'm thinking about not accepting it cause everything is confusing. I'm so glad that I saw this video cause the loan is not forgivable and I don't like debt. Thanks for the Video.
Yes girl it was way to easy It was in my account in like no time I told my husband I think I'm going to give it back. You can't spend it logically anyway.
ONE OF THE BEST VIDEOS ON THE SUBJECT (and I have gone through a lot of them). THANK YOU! We are a Digital Marketing Agency & Consultant (LLC as a Partnership) Fortunately we've not been hurt by this as many as some - but were eligible for about 10K which would be helpful. However, after watching this, I think we may just take the offer we accepted, and just pay it back and get rid of the loan since: (1) The two of us and one 1099 contractor draw a small amount at this time (2) I don't want to incur debt if I don't have do (one dollar is not one dollar ... LOVED that analogy). BUT if we get the "grant", we will use it for our pay and get business rolling again. THANK YOU SO MUCH FOR THE AMAZING VIDEO!
I'm an Uber driver, I applied for EIDL and they approved me for 50k loan amount, since 4 days ago I talked with a lot of customer service assistance and each one told me different story, my question was same " can I use loan for pay off my car leas contract? " Even they don't have clear answer for you, some of them said yes, for sure , some of them said no and maybe. It's tricky and like a honey trap, because if I can't use for paying off my car leas contract , it doesn't make sense that someone get loan for gas and maintenance. They does not communicate with you by email because they don't want to give you documents and the general agreement is clearly a trap.
EIDL can be used to continue payments on your vehicle because those would be normal continuing operating expenses. You CANNOT pay off the balance, though, because that is considered a type of refinancing since the debt is being transferred from your current vehicle finance company to a 3.75% SBA loan. You can use EIDL funds to pay new and continuing business operating expenses, and to make payments on business related credit card debt, but you cannot pay off those credit cards unless you can prove that you usually paid off the balance before the pandemic.
CONGRATS AND IM GLAD SOMEONE GOT SOME HELP, but how did you get $50k as an UBER driver? My husband couldnt even get $10k as an uber driver. What state are you in??
A separate video on what a rideshare driver uber/lyft can use the loan for and how to use it and document. While we are technically a small business owner we have never really run it like a business and most have what you spoke about but it would go over the heads of most.
Thank you so much for clearing up so many questions I had regarding this loan. You not only answered my questions, but further explained by giving examples which fit my situation. Great job, great video and thank you once again!
You're the best in the business and best CPA on youtube. I have 1 question - First off all, there's a lot of rules as to how the loan should be used. What if the reasons I used the funds don't quite fall within guidelines or don't have receipts to back it up. Is there a penalty will they look to throw the book at me, I mean in the end the loan is being paid off along with interest. Thank you in Advance
Best explantion I've seen so far. Thank you! Here's a huge question that I've not heard an answer for anywhere. A sole proprietor uses her $1200 a month apartment to live in 50% and work in 50% as a graphic artist. What % of her rent and utilities can she pay with her EIDL loan. I assume Targeted EIDL grant is no different? Thank you so much for answering this, Jamie!
We do professional video production and I just want to tell you how great your on camera persona comes across. Super energy, great concise information. You could end up being a TH-cam star!
Something tells me the only way the SBA will question what you spent the $ on is if you default on your payments. Technically, if I pay the loan monthly with interest... why would they care what you do with the money? Any thoughts?
Question from a self-employed California guy here: I'm currently receiving UI with the PUA enhancements. Now SBA is ready to send me EIDL loan funds. Will I be able to draw both? When I certify for UI benefits how do I properly report an EIDL loan? Let me stress this will NOT be a PPP loan. Everybody feel free to jump in here and thanks for the great video!
@@dwndudkim My accountant just told me he thinks it is ok to get both. The EIDL is a loan and is repayable so it should not be viewed as income as far as EDD is concerned. This is not the case with the PPP loans as those are set up to be forgiven. Whether this will be allowed upon actual certification of UI benefits remains to be seen. Stay tuned!
@@christianlagos3831 Can be used for business expenses if your getting unemployment. This money should be set a side put in a separate bank account. Also when unemployment runs out you can pay yourself through your loan. This can be used for operating expensive you currently have credit card debt from your business etc.
If you going to talk about this important information you have to be on point to answer people questions some people can't wait for 3-4 days for an answer people trying to make moves. This is a whole new world
This is by far the best explanation on the EIDL Loan. No one else was able to give me a clear explanation. You’re awesome Jamie Trull!!!!! I’m a sole proprietor and collecting unemployment at the moment. Can I still pay myself from the EDIL Loan now, or should I wait until after July when the extra $600 runs out? Thank you in advance.
Thank you for help. Due to the current situation and we do not fully understand regarding second wave COVID-19, we still now have a SBA Loan full amount and we save it on the account in case our business stops again due to a new wave of COVID-19. It is possible to make repayment of the Auto loan for more than a monthly payment, provided that the full EIDL amount is saved on the account? Or will be better to open second account and keep this money on second account?
The only person that has explained everything in one video thank you Jamie liked subscribed turned on push notifications (bell) and left this comment ! I suggest everyone here do the same super valuable information (for free) I don’t know Jamie personally but help her out good quality over quantity !
Hi. Thank you for your information. I was wondering if I have been receiving PUA, as a sole prop, do I let unemployment know that I have received the EIDL advance?
I am self-employed , I have a small business as a landscaper without any employees and I use my home as a business place . So can I use the Eidl loan to pay the rent ? ( notice ) my Eidl loan is $9.700 only .
Hi, great video! I'm a real estate investor. My business is generally rentals that I own long term and fix them up but right now I'm in the middle of a fix and flip that I purchased back at the end of February. 1. If I take under $25,000, I shouldn't have a problem selling that flip or any of my other houses right? 2. Can I use the money from the EIDL Loan towards the rehab of this flip? 3. Can I use the money from the EIDL Loan towards paying mortgage/taxes/insurance, utilities, and maintenance for my rental properties? 4. Am I going to get in trouble if I use the rest of the money that was previously in my account to expand while using the EIDL Loans to pay for those expenses in Question #3?
Really great video Jamie, so detailed and straight forward no hype! Quick question, do you think buying smaller equipment like you said i.e. mics, lighting, etc, and replacing a laptop computer is cool and fits into the non fixed asset area? And also is doing your basic business ie. content creation like your video, basic marketing (organic and paid) etc feasible and not considered expansion? Because to me it looks like they're talking about expansion of "facilities" not to stop doing day to day business to try and create revenues, especially as a sole prop. Same with paying yourself as a sole prop vs distribution? As long as it's outside the PPP 8 week timeline, all good yes? Also I agree 1000% with you and so many of my friends are taking the loan, putting it into a bank account, and keeping it more as an insurance policy than looking to go spend it and go into debt. Debt is debt for sure, so with you on that one. Thanks for the answers in advance, I appreciate you for keeping it real and sharing great value!
Great video, thank you very much! You put my mind at ease by answering the questions I had in my mind. I still have a Q, please. If I work remotely, and I would like to move to another state, can I use the loan money (partially) for relocation? Thank you!
@@chaylala1757 really? because what I take from this is that if you have any existing loans or debt, you can't pay that off, even if it's impacting your business negatively
Forgive me if this was covered...my head is spinning from watching so much info on this stuff. I am assuming that you can't use EIDL for payroll (for yourself as a sole proprietor) AND claim unemployment at the same time since that would be considered double dipping. Correct? so it seems if you were to use for payroll it would be better to wait till later (say in August after $600 will no longer be offered by UI OR even next year if you run out of UI). yes? There is no time limit as long as you can prove that you're using it for payroll yes? PS you have the BEST videos on this stuff!
Same situation here. I ended up filing for UI since I hadn't heard back on EIDL. Now received notice I can get a loan but didn't get the advance first. If it's true we can not reply to the email and wait it out for 30 days for the grant, that sounds like ti would be better for me since I only want the $1K grant at this point in time. The items not covered Jamie outlined make the loan of little use to me and why incur mthly debt to just hold on to the money in case I need it. I started filling out the Identity confirmation part of the email process but haven't hit the button on choosing a loan amount to complete that transaction.
That is exactly what I'm concerned about too! I applied for the EIDL before I was able to get unemployment plus the PUA. Now that I've been receiving those for over a month I get an email from the SBA saying my loan application is being processed! I don't want anything to change my unemployment eligibility.
My CPA won't call me back. Thank you for doing this. She also wanted to charge me $2,500 to handle my PPP loan app and another $2,500 to handle my EIDL loan app.
Brother, not a cool situation with your CPA. These applications are online and streamlined to the point where a sixth grader could do one in 5 minutes. Or a fifth grader in 6 six minutes. LOL.
Okay, so what if you are receiving PUA? Is that considered payroll or is that seperate from paying yourself payroll each month? Can you please answer this question?
@Jamie Trull You said interest begins from day 1. My understanding is that it begins after the 1st year. Where do you see this in the agreement? Also, I noticed there is no payment schedule which states the actual amortization of the loan, so that again creates question on where interest begins. Any comments? Thanks!
you always guys talking about how to use The Eidl loan !! Does that mean The SBA will ask us about the expenses even thogh the loan less than $10.000 ?
You do not have to send in anything unless your asked to. If your loan is over the $25,000 then this is more likely to happen although I think these loans will not be audited unless very large or there's some kinds hokie problem with a borrower.
My business is safety consulting OSHA training. Prior to Covid shutdown I conducted training for my clients in their conference rooms for their staff. As clients have started up again they want me to resume training services but instead of in person they want it remote on Zoom with power point, videos etc. not being a tech type person I require hiring a consulting firm to assist in creating my on line training modules so I can remain in business fir my customers needs. Can I use the EIDL Loan to pay the consultants fees for assisting me in creating these Covid era necessary training on line modules?
Hi , really great video. Question? i am a sole prop. I have used my business checking account for both personal and buisness expenses. Its just me i have no employees. I am still working but have had a slow down because of COVID 19 Pandemic. The questions is this i have been approved for 45,500.00 and have not accepted it yet nothing signed. I was planning on putting it in a seperated bank account and just using it for payroll to myself to offset my normal living expenses such as normal bills and credit cards. Would this be okay to do? or would this not fall under the criteria of proper use?. The contract is kinda scary. Thanks again.
Very nice presentation. Thank you. If I understand this information, the Grant/Advance would be subject to the same use-of-funds restrictions as the Loaned portion. Correct?
Hi can I reimburse myself for business expenses from Feb 2020 and this year which I had to cover with one payment for all? I was also on unemployment but had no sales from business. I'll have money on personal checking account so can I keep using eidl loan if I have money In my checking account which I used to pay myself back? 2nd question: Can I pay 60% for rent of a home office rent if I use it 60% for business purposes?
can you make the loan payments from the funds??? thinking of sinking it into a separate account and maybe use it, but would like to use it to make the payments?
Jamie, I took a EidL loan back in July, I'm a self employed insurnace agent. I also got a $1,000 grant. I used the grant to buy a new computer for my business. As far as the loan, I haven't used it for anything. Can I use it or should I just pay it back?
Hello. I was approved the loan. Im an independent contractor and havent been working for the least two months. Can i use the loan to pay myself for those two months? I was approved for a small amount
Roshunda Yancy: yes, I believe you can pay yourself (ie employee salary) and all those other expenses your business normally incurs. If you normally take $2k /month, say in 2019, then don’t take more than that from the loan funds per month. You must act in good faith and have the appearance of acting in good faith.
What they mean by “IRS Obligations” are your gross withholdings per salary (i.e. Federal/State taxes, SS, Medicare, Retirement, etc..), not your annual tax-filing deadlines. Like how an employer would deduct these taxes with a W-2 employee.
Being a Uber / Lyft driver it’s hard to understand the restrictions. We are not corporate companies we are independent contractors and no one can explain how this money can be used for us
Hi. I have an LLC and have had an EIDL disbursement recently. Question is can I use this money to pay off a huge unemployment insurance balance that is owed? When I spoke with the tier one rep at the SBA, she said she "thinks" it's ok, since I am allowed to use it to pay debt.... but she wasn't sure. That makes me nervous. I need a more definitive answer.
@@JamieTrull subscribed and looking forward to more of your videos. one question, Sole proprietors of vacation rental properties, Can we use that EIDL (loan) to pay for the mortgage of the vacation home ? thanks in advance
Jamie, I have a single question as to why the tracker did not correctly calculate my existing SBA loan monthly payment. If you could reply to this i woould appreciate it, thanks Mike
As stated on the worksheet, the payment is an estimate for illustrative purposes. Also, the terms did change because of Congress earlier this year which impacted the payment amounts (when the deferral period changed from 12 months to 18 or 24 months depending on when you got your loan) so depending on which spreadsheet you have and when you downloaded it, it may have changed.
Thank you so much for detailed information. I listened to you right before I sign the loan papers. Great explanation:) Meanwhile this is a great help to my business and I will pay my people and operation costs with it since I don’t have any other loans to pay but still I wish they let people who needs this to pay their debts and do better. Wouldn’t be nice for once to help small business like that too? But anyway it’s still great help
Thank you for this video and information! Do you know if a business owner can use the EIDL funds for payroll and allowable expenses and then use their normal, regular income to expand the business and consolidate debt? I have clients who would like to do a workaround and use the funds for working capital but then use the money they would have used for working capital to do things not allowed through this loan. Also you mentioned shareholder distributions -- is it okay for an s-corp owner (in your opinion, I know you aren't a lawyer and nothing that you say can hold you accountable!!) to pay himself distributions if he uses other income to do it and not the EIDL funds. I suppose this depends on how closely the SBA will examine the other transactions not directly processed through the bank account used to hold the EIDL funds. Thank you again!!
I asked SBA if I can get an advance of 1,000 as an independent contractor while I'm on unemployment. They said No. Update. I asked again and this time the person said that "Advance Grand" has nothing to do with unemployment and I can get it and not worry about it. The "Grand" will not be considered as an income.
I am currently stuck out of the US trying to get back on a rescue flight. I was wondering if I take the loan ($150,000 approved) can I invest it to try to recoup some of the interest payment due after the 12 months. While I am away I cannot do business as fully as possible if I was back in the States, but do not want to miss the opportunity if needed or if there is another financial downturn.
Thank you Jamie! Question.... I'm a Sole Proprietor (Landlord) of some Residential Rental Units I own. In your opinion can I use the EIDL Loan for Repairs, Replacement of carpets, painting and or repair of Air conditioning units for the Apartments? Also, can I use the EIDL to pay the Property Taxes for said Rentals? Thank you!
I saw this question answered in someone else’s video, and what was said is that if you can justify that the repairs absolutely HAD TO BE DONE during the pandemic, then it’s probably ok. Hope that’s helpful, but always ask a professional.
For a property rental business owner what are the top things I can and can’t use EIDL loan for? Paying prop manager, mortgage premiums and interest? Insurance? Property taxes?
I was thinking the same, but a follow up question would be; if your operating account grows as a result of paying acceptable expenses through the EIDL loan can you use the funds to invest and continue to grow your company? Note - i opened a separate checking account for the loan/expenses to draw from.
I have an LLC and was approved for disaster assistance. So when i take money out of the llc to pay myself/Do , I , in turn, have to show what the money I paid myself was used for.
It is very vague about paying IRS obligations. Can I use the grant to pay my estimated taxes now in 2020. It would be easy for me to just keep my payment receipts as proof.
Hello, we would love to get your question answered over in our community or you can tune in here on my channel this Friday at 1:30pm CST for a LIVE Q&A - hope to see you there! Balance CFO Team facebook.com/groups/financialliteracyforwomen
![Should I Accept The EIDL Loan? [EIDL CALCULATOR]](http://i.ytimg.com/vi/ytN6f4KAfpc/mqdefault.jpg)
![Should I Accept The EIDL Loan? [EIDL CALCULATOR]](/img/tr.png)
You're EIDL Calculator was so helpful! Thank you, Jamie!
We're so glad you found it helpful! If anyone else is looking for the EIDL Calculator and Tracker it is now fully updated for the 30 month payment deferral period that the SBA announced in March 2022! jamietrull.com/eidltracker
I wish the SBA become more lenient on how the loan can be used for the business. After all, we are in a extraordinary situation. Your video gave the most understandable take on this topic. Thank you and more power to you and your endeavors.
I totally agree with your sentiment. And I would not be surprised if they eventually expand the potential use of this loan in the near future. As they did with the PPP eventually. Expanding to the 40/60 split from the 30/70 split. Which was much more in line with reality for small business. But politicians need to hear from us for that change to take place.
But would this not go against the very intention of the Government!
1. TAKE FROM THOSE WHO BECOME FINANCIALLY SUCCESSFUL
2. KEEP OTHER'S FROM ATTAINING that WEALTH AND HAPPINESS
3. AND KEEP THE OTHER'S BROKE, BUSTED & DISGUSTED...money is still in the prison system!
And the personal info we had to share just to get the loan from these participating private financial institutions.
plus
I'M STILL IN DISBELIEF THAT THE SBA WOULD ALLOW PAY PAL to also issue this loan and the personal finacial info that many had to give to them.
"Fee- uckkk!"
Sometimes I regret having giving my mind, body and soul over to the U.S. Military during my younger years.
She presented some great information, yet it pissed me off to hear it.
A Melek S , sounds like you have some deep seeded emotional baggage. Time to let that go..., life is short, and you have the rest of your life to live.
I just got my grant approved. Wish I had gotten this information quite a long time ago, but it’s better late than never. For the benefit of those looking get their grants, Write me on Tedbunkerr(a)gm a il. Co m to get acquainted with the process to get yours too.
Yea and it's a loan it's not free money. I think they should allow for helping businesses not just survive but be able to help grow their business because if a business is not growing it's dying. Surviving is not how a business lasts. Survival means you are on the edge of losing your business. The only thing that should matter is do you qualify which all of us did since we all suffered through the Pandemic and then are you paying back your loan? Ok you are then the SBA should say we will leave you the hell alone! This is why I hate government they always want to control us!
By far the most comprehensive talk I have seen on the EIDL
Totally agree!
Having a credit card debts can actually be a very bad experience. I didn’t get approved because of my debts, I mailed Mark about my credit issues. He help me raise my credit score to 820 excellent and cleared all negative items on my credit report and also added beautiful Tradelines. His service is secured, fast with affordable price. Get more info via mail [CREDITPATCHUP.COM]
Agreed!!!
I saved your video to my watch list and I am watching it today and the information is so useful as I will start repaying the SBA loan. Thank you, thank you so much. Fantastic information!
Glad it was helpful!
Are you able to successfully applied for your SBA giveaways weekly and monthly grants funding in your state yet
Finally, a video that actually makes sense.
Can u use the loan for stock market investmenting???
Great vblog. I got $10,000 EIDL loan June 15 signed. I'm a Lyft independent contractor applied on April 10.
I would have preferred that you provided what we can use the loan for vs. what we can not use it for.. Can you do another video explaining what the loan can be specifically for. Thanks..
I was nervous until i listen to you, Thank you for being clear and straight to the point. Thank you so much i will spread your video to my friends
You're the only person I've seen that has answered almost all the questions I needed... very informative video. Thank you
Super video! Great usable information. You answered questions that even the SBA could not answer for me. Thanks
Excellent video! I’ve watched a lot of these and yours is my favorite. Very clear, great energy and very thorough. It clarified a lot of confusion I had from other videos. Looking forward to your future videos!
God bless you for this! As a small business owner in an industry that has been extremely slow to recover, I appreciate clarity in fund usage. Thank you!
Thanks.. The most informative video about EDIL I have heard and seen so far.. Thanks for helping all of us by explaining in detail and simple language...
Thanks Jamie, this was a very informative video. I've been scouring the internet, trying to find out if credit card and loan debt incurred during the shutdown can be paid down with the EIDL funds. You made it very clear that short-term debt, typically with a 12 month or less term is acceptable to pay down. Also, the fixed asset purchase was confusing, which you cleared up nicely. If it can be expensed then good to go, if you depreciate the asset on your tax return, then probably not acceptable. I appreciate all the good information!!!
HW Helser: with that said, if you can build a convincing case that investing in new fixed assets was necessary to adjust to new COVID realities, then I think it will fly too, although you might want to call them to double check first.
I just got my grant approved. Wish I had gotten this information quite a long time ago, but it’s better late than never. For the benefit of those looking get their grants, Write me on Tedbunkerr(a)gm a il. Co m to get acquainted with the process to get yours too.
Im an accountant as well!! Really like your video. I started my own channel recently and try using your positivity!! Thanks good luck!!
This video was super helpful - thanks Jamie! The only thing that is still confusing to me as a LLC, Sole Prop. is rent - as my place of business is home. Does anyone know if the loan can be utilized for rent if one works for home or at least utilized for a portion? I know there is a formula my CPA uses based on square footage of my office for tax purposes.
Thank you SO much for this information. You gave in 30 minutes what another "popular" youtuber milked for days in attempts to garner income. That's ok for him, because capitalism :0
I just needed straightforward answers that I thankfully found here. You're the best!
you are the first person to really help me thank you!
All thanks to trustedhackpro on IG for the incredible service he as been doing for me he help me with $55,000
So glad to work with Fixhackers on instagram got credited into my account
Never regret working with Fixhackers on ig got paid instantly i love their services
Thank you for taking the time to go through this information. You are a natural teacher. This was very helpful for my business.
You are so welcome!
I have a LLC Business and I applied for the EIDL and was approved way to easy, I'm thinking about not accepting it cause everything is confusing. I'm so glad that I saw this video cause the loan is not forgivable and I don't like debt. Thanks for the Video.
Yes girl it was way to easy
It was in my account in like no time
I told my husband I think I'm going to give it back. You can't spend it logically anyway.
ONE OF THE BEST VIDEOS ON THE SUBJECT (and I have gone through a lot of them). THANK YOU! We are a Digital Marketing Agency & Consultant (LLC as a Partnership) Fortunately we've not been hurt by this as many as some - but were eligible for about 10K which would be helpful. However, after watching this, I think we may just take the offer we accepted, and just pay it back and get rid of the loan since: (1) The two of us and one 1099 contractor draw a small amount at this time (2) I don't want to incur debt if I don't have do (one dollar is not one dollar ... LOVED that analogy). BUT if we get the "grant", we will use it for our pay and get business rolling again. THANK YOU SO MUCH FOR THE AMAZING VIDEO!
I'm an Uber driver, I applied for EIDL and they approved me for 50k loan amount, since 4 days ago I talked with a lot of customer service assistance and each one told me different story, my question was same " can I use loan for pay off my car leas contract? "
Even they don't have clear answer for you, some of them said yes, for sure , some of them said no and maybe. It's tricky and like a honey trap, because if I can't use for paying off my car leas contract , it doesn't make sense that someone get loan for gas and maintenance.
They does not communicate with you by email because they don't want to give you documents and the general agreement is clearly a trap.
EIDL can be used to continue payments on your vehicle because those would be normal continuing operating expenses. You CANNOT pay off the balance, though, because that is considered a type of refinancing since the debt is being transferred from your current vehicle finance company to a 3.75% SBA loan. You can use EIDL funds to pay new and continuing business operating expenses, and to make payments on business related credit card debt, but you cannot pay off those credit cards unless you can prove that you usually paid off the balance before the pandemic.
CONGRATS AND IM GLAD SOMEONE GOT SOME HELP, but how did you get $50k as an UBER driver? My husband couldnt even get $10k as an uber driver. What state are you in??
I would love to know the answer to that
What link is this to apply there's so many and they ask for initial fees$
@@lupi20200427 sba.gov/ COVID-19
Incredibly helpful. I’ve been looking for a video with this info for days. You answered so many questions. Thanks
A separate video on what a rideshare driver uber/lyft can use the loan for and how to use it and document. While we are technically a small business owner we have never really run it like a business and most have what you spoke about but it would go over the heads of most.
Thank you so much for clearing up so many questions I had regarding this loan. You not only answered my questions, but further explained by giving examples which fit my situation. Great job, great video and thank you once again!
You're the best in the business and best CPA on youtube. I have 1 question - First off all, there's a lot of rules as to how the loan should be used. What if the reasons I used the funds don't quite fall within guidelines or don't have receipts to back it up. Is there a penalty will they look to throw the book at me, I mean in the end the loan is being paid off along with interest. Thank you in Advance
Very comprehensive. Far better than other vids I’ve watched. Thank you!
Glad it was helpful!
You are so helpful, clear, and I appreciate your fast talking so this video isn’t as long, but it’s all still really clear. Thank you! 🙏🏻
Fire emoji. Very nice to get CPA perspective. Thank you so much for putting this out. What you’re doing is a valuable service.
Glad it was helpful!
Best explantion I've seen so far. Thank you! Here's a huge question that I've not heard an answer for anywhere.
A sole proprietor uses her $1200 a month apartment to live in 50% and work in 50% as a graphic artist. What % of her rent and utilities can she pay with her EIDL loan. I assume Targeted EIDL grant is no different?
Thank you so much for answering this, Jamie!
Just found your channel. Total awesome. Thank you for all the straight info and clear explanations in deciphering the eidl.
We do professional video production and I just want to tell you how great your on camera persona comes across. Super energy, great concise information. You could end up being a TH-cam star!
Something tells me the only way the SBA will question what you spent the $ on is if you default on your payments. Technically, if I pay the loan monthly with interest... why would they care what you do with the money? Any thoughts?
Your probably right they don’t have the man power to check every loan maybe less than 1% they will check on.
Tesla calls am I right
Hi, thank you for the information, Q; Can you start paying your loan before the grace period?
Question from a self-employed California guy here: I'm currently receiving UI with the PUA enhancements. Now SBA is ready to send me EIDL loan funds. Will I be able to draw both? When I certify for UI benefits how do I properly report an EIDL loan? Let me stress this will NOT be a PPP loan.
Everybody feel free to jump in here and thanks for the great video!
I have the same question. My loan has been approved, but I haven't withdrawn it yet because I won't be able to get PUA benefits.
Yes this is a LOAN and not income! You can do unemployement and a LOAN. You can not do PPP and unemployment
@@dwndudkim My accountant just told me he thinks it is ok to get both. The EIDL is a loan and is repayable so it should not be viewed as income as far as EDD is concerned. This is not the case with the PPP loans as those are set up to be forgiven. Whether this will be allowed upon actual certification of UI benefits remains to be seen. Stay tuned!
@@leomannpictures the problem will be paying yourself retroactive with the loan . I think you can use the EIDL for payroll as well
@@christianlagos3831
Can be used for business expenses if your getting unemployment. This money should be set a side put in a separate bank account. Also when unemployment runs out you can pay yourself through your loan. This can be used for operating expensive you currently have credit card debt from your business etc.
If you going to talk about this important information you have to be on point to answer people questions some people can't wait for 3-4 days for an answer people trying to make moves. This is a whole new world
Can I use the SBA loan for training that will allow me to take on more work?
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This is by far the best explanation on the EIDL Loan. No one else was able to give me a clear explanation. You’re awesome Jamie Trull!!!!! I’m a sole proprietor and collecting unemployment at the moment. Can I still pay myself from the EDIL Loan now, or should I wait until after July when the extra $600 runs out? Thank you in advance.
Thank you for help. Due to the current situation and we do not fully understand regarding second wave COVID-19, we still now have a SBA Loan full amount and we save it on the account in case our business stops again due to a new wave of COVID-19. It is possible to make repayment of the Auto loan for more than a monthly payment, provided that the full EIDL amount is saved on the account? Or will be better to open second account and keep this money on second account?
The only person that has explained everything in one video thank you Jamie liked subscribed turned on push notifications (bell) and left this comment ! I suggest everyone here do the same super valuable information (for free) I don’t know Jamie personally but help her out good quality over quantity !
thank you so much Carlos! MUCH appreciated!
Hi. Thank you for your information. I was wondering if I have been receiving PUA, as a sole prop, do I let unemployment know that I have received the EIDL advance?
With the $1,000 EIDL GRANT Can $$ be used to purchase a much needed laptop and/ or Printer?
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I am self-employed , I have a small business as a landscaper without any employees and I use my home as a business place . So can I use the Eidl loan to pay the rent ? ( notice ) my Eidl loan is $9.700 only .
Are you able to successfully applied for your SBA giveaways weekly grants funding in your state yet
If your account is in the negative from not making money during pandemic and check clears your account...Is that considered paying off debt?
Can I use it to buy a newer semi truck? My truck is on its last leg.
I have seen a couple of your videos lately, Now i decided to watch them all ..very helpful..Thank you for your great efforts 👏 👍
To avoid SBA having collateral on your assets, best to keep the loan amount under $25k. $1.00 above $25k requires collateral.
Hi. Thanks for information. Will it be put on personal credit with TU, Equifax or Expeeian?
Great content! Subscribed
Kevin approves ‼️
BLAC ZOMBY m
People have a CPA , we have JAMIE 👊
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Jamie , Great info that helped get me off the fence !!! $35,000.00 pulled the trigger.......
Hi, great video! I'm a real estate investor. My business is generally rentals that I own long term and fix them up but right now I'm in the middle of a fix and flip that I purchased back at the end of February.
1. If I take under $25,000, I shouldn't have a problem selling that flip or any of my other houses right?
2. Can I use the money from the EIDL Loan towards the rehab of this flip?
3. Can I use the money from the EIDL Loan towards paying mortgage/taxes/insurance, utilities, and maintenance for my rental properties?
4. Am I going to get in trouble if I use the rest of the money that was previously in my account to expand while using the EIDL Loans to pay for those expenses in Question #3?
Right, under 25k requires no collateral
Really great video Jamie, so detailed and straight forward no hype! Quick question, do you think buying smaller equipment like you said i.e. mics, lighting, etc, and replacing a laptop computer is cool and fits into the non fixed asset area?
And also is doing your basic business ie. content creation like your video, basic marketing (organic and paid) etc feasible and not considered expansion? Because to me it looks like they're talking about expansion of "facilities" not to stop doing day to day business to try and create revenues, especially as a sole prop.
Same with paying yourself as a sole prop vs distribution? As long as it's outside the PPP 8 week timeline, all good yes?
Also I agree 1000% with you and so many of my friends are taking the loan, putting it into a bank account, and keeping it more as an insurance policy than looking to go spend it and go into debt.
Debt is debt for sure, so with you on that one.
Thanks for the answers in advance, I appreciate you for keeping it real and sharing great value!
SCOTT BRANDON HOFFMAN d4
Can I use the loan to pay my CEU’s?
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Great Video! I have a question. I got SBA independent contractor loan for $10,200. When I start making repayments will they be reported on my credit?
If I have a at home business can I use it as down payment on purchasing a property? Can I use it to pay back taxes owed to the IRS?
So in other words I can not use eidl loan for nothing just looks cute in my bank account. Nice
SBA just said you can use for anything. FYI
@@witchhazel7442 source?
@@javieracosta5697 for every day business operating expenses and non long-term business credit card debt is what I saw.
I called and spoke with SBA he said they are forgiving them as wel.
@@witchhazel7442 yea right keep dreaming lol
Can we pay ourselves ? I’m self employed
Great video, thank you very much! You put my mind at ease by answering the questions I had in my mind. I still have a Q, please. If I work remotely, and I would like to move to another state, can I use the loan money (partially) for relocation? Thank you!
Tks for this video but what we can use the eidl for?
Do I have to clarify the expenses of SBA EIDL Loan after spending the funds , Even thoug my Eidl loan is $10.000 only or less
Where are you originally from?..
Do i have to pay tax to irs if i keep this loan?
As an independent contractor can you pay your mortgage with this money?
Having outstanding loans that are being paid monthly, seems wrong that you can not conslodate them so you can focus on repaying the SBA back.
U can
@@chaylala1757 really? because what I take from this is that if you have any existing loans or debt, you can't pay that off, even if it's impacting your business negatively
But this is exactly what the Government does not want!
Forgive me if this was covered...my head is spinning from watching so much info on this stuff. I am assuming that you can't use EIDL for payroll (for yourself as a sole proprietor) AND claim unemployment at the same time since that would be considered double dipping. Correct? so it seems if you were to use for payroll it would be better to wait till later (say in August after $600 will no longer be offered by UI OR even next year if you run out of UI). yes? There is no time limit as long as you can prove that you're using it for payroll yes? PS you have the BEST videos on this stuff!
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You are right
Same situation here. I ended up filing for UI since I hadn't heard back on EIDL. Now received notice I can get a loan but didn't get the advance first. If it's true we can not reply to the email and wait it out for 30 days for the grant, that sounds like ti would be better for me since I only want the $1K grant at this point in time. The items not covered Jamie outlined make the loan of little use to me and why incur mthly debt to just hold on to the money in case I need it. I started filling out the Identity confirmation part of the email process but haven't hit the button on choosing a loan amount to complete that transaction.
That is exactly what I'm concerned about too! I applied for the EIDL before I was able to get unemployment plus the PUA. Now that I've been receiving those for over a month I get an email from the SBA saying my loan application is being processed! I don't want anything to change my unemployment eligibility.
I never received any contract, they only deposit $1000.00 dollars, how can I apply for EDIL loan forgitness
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My CPA won't call me back. Thank you for doing this. She also wanted to charge me $2,500 to handle my PPP loan app and another $2,500 to handle my EIDL loan app.
change your CPA.
Lol that’s Litteraly price gouging not related to necessity goods. Report that bitch to the Attorney general of your state
Brother, not a cool situation with your CPA. These applications are online and streamlined to the point where a sixth grader could do one in 5 minutes. Or a fifth grader in 6 six minutes. LOL.
Okay, so what if you are receiving PUA? Is that considered payroll or is that seperate from paying yourself payroll each month? Can you please answer this question?
@Jamie Trull You said interest begins from day 1. My understanding is that it begins after the 1st year. Where do you see this in the agreement? Also, I noticed there is no payment schedule which states the actual amortization of the loan, so that again creates question on where interest begins. Any comments? Thanks!
you always guys talking about how to use The Eidl loan !! Does that mean The SBA will ask us about the expenses even thogh the loan less than $10.000 ?
VERY IMPORTANT QUESTION : do I need to send my financial statements to the SBA every year or only if asked by them ? Thanks love your content!
Only if you asked for it! Also, you need to keep record only for the last three years.
You do not have to send in anything unless your asked to. If your loan is over the $25,000 then this is more likely to happen although I think these loans will not be audited unless very large or there's some kinds hokie problem with a borrower.
My business is safety consulting OSHA training. Prior to Covid shutdown I conducted training for my clients in their conference rooms for their staff. As clients have started up again they want me to resume training services but instead of in person they want it remote on Zoom with power point, videos etc. not being a tech type person I require hiring a consulting firm to assist in creating my on line training modules so I can remain in business fir my customers needs. Can I use the EIDL Loan to pay the consultants fees for assisting me in creating these Covid era necessary training on line modules?
All thanks to trustedhackpro on IG for the incredible service he as been doing for me he help me with $55,000
Hi , really great video. Question? i am a sole prop. I have used my business checking account for both personal and buisness expenses. Its just me i have no employees. I am still working but have had a slow down because of COVID 19 Pandemic. The questions is this i have been approved for 45,500.00 and have not accepted it yet nothing signed. I was planning on putting it in a seperated bank account and just using it for payroll to myself to offset my normal living expenses such as normal bills and credit cards. Would this be okay to do? or would this not fall under the criteria of proper use?. The contract is kinda scary. Thanks again.
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I'd like to know too. Thanks.
Hope she responds 🤍
Is there a dateline to apply for PPP , EIDL,PUA. Im lost here . I have just joint your group.
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So I have a shop and I purchase my merchandise from China, this is part of my operating cost. Can I use my loan in order to purchase my stock?
Very nice presentation. Thank you. If I understand this information, the Grant/Advance would be subject to the same use-of-funds restrictions as the Loaned portion. Correct?
probably best to use it for similar things, just in case you're ever asked
Hi can I reimburse myself for business expenses from Feb 2020 and this year which I had to cover with one payment for all? I was also on unemployment but had no sales from business. I'll have money on personal checking account so can I keep using eidl loan if I have money In my checking account which I used to pay myself back? 2nd question: Can I pay 60% for rent of a home office rent if I use it 60% for business purposes?
Are you able to successfully applied for your SBA giveaways weekly grants funding in your state yet
can you make the loan payments from the funds??? thinking of sinking it into a separate account and maybe use it, but would like to use it to make the payments?
Jamie, I took a EidL loan back in July, I'm a self employed insurnace agent. I also got a $1,000 grant. I used the grant to buy a new computer for my business. As far as the loan, I haven't used it for anything. Can I use it or should I just pay it back?
How can I know if I qualify so help with EIDL, EIDG or PPP? I’m the owner operator and haven’t worked for several months.
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Hello. I was approved the loan. Im an independent contractor and havent been working for the least two months. Can i use the loan to pay myself for those two months? I was approved for a small amount
Roshunda Yancy: yes, I believe you can pay yourself (ie employee salary) and all those other expenses your business normally incurs. If you normally take $2k /month, say in 2019, then don’t take more than that from the loan funds per month. You must act in good faith and have the appearance of acting in good faith.
Roshunda did you ever get a reply to your question? I am also wondering if I can pay myself for the 2.5 months whereby no income was coming in.
What they mean by “IRS Obligations” are your gross withholdings per salary (i.e. Federal/State taxes, SS, Medicare, Retirement, etc..), not your annual tax-filing deadlines.
Like how an employer would deduct these taxes with a W-2 employee.
Being a Uber / Lyft driver it’s hard to understand the restrictions. We are not corporate companies we are independent contractors and no one can explain how this money can be used for us
Pay your car payment gas lunch car maintenance tires oil change is my guess.
My dad is independent contractor as truck haul lumber. What can he use the loan for?
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Hi. I have an LLC and have had an EIDL disbursement recently. Question is can I use this money to pay off a huge unemployment insurance balance that is owed? When I spoke with the tier one rep at the SBA, she said she "thinks" it's ok, since I am allowed to use it to pay debt.... but she wasn't sure. That makes me nervous. I need a more definitive answer.
Wow. This is the best video EVER on EIDL.
THANK YOU!!
@@JamieTrull subscribed and looking forward to more of your videos. one question, Sole proprietors of vacation rental properties, Can we use that EIDL (loan) to pay for the mortgage of the vacation home ? thanks in advance
@@charliepilotus minimum payments probably? But you couldn't pay it off.
Jamie Trull Got it. Thanks
Jamie,
I have a single question as to why the tracker did not correctly calculate my existing SBA loan monthly payment. If you could reply to this i woould appreciate it, thanks Mike
As stated on the worksheet, the payment is an estimate for illustrative purposes. Also, the terms did change because of Congress earlier this year which impacted the payment amounts (when the deferral period changed from 12 months to 18 or 24 months depending on when you got your loan) so depending on which spreadsheet you have and when you downloaded it, it may have changed.
Thank you so much for detailed information. I listened to you right before I sign the loan papers. Great explanation:)
Meanwhile this is a great help to my business and I will pay my people and operation costs with it since I don’t have any other loans to pay but still I wish they let people who needs this to pay their debts and do better. Wouldn’t be nice for once to help small business like that too? But anyway it’s still great help
Can I take 2 times loan on the same time if yes do I have to tell spa
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Thank you for this video and information! Do you know if a business owner can use the EIDL funds for payroll and allowable expenses and then use their normal, regular income to expand the business and consolidate debt? I have clients who would like to do a workaround and use the funds for working capital but then use the money they would have used for working capital to do things not allowed through this loan. Also you mentioned shareholder distributions -- is it okay for an s-corp owner (in your opinion, I know you aren't a lawyer and nothing that you say can hold you accountable!!) to pay himself distributions if he uses other income to do it and not the EIDL funds. I suppose this depends on how closely the SBA will examine the other transactions not directly processed through the bank account used to hold the EIDL funds. Thank you again!!
I asked SBA if I can get an advance of 1,000 as an independent contractor while I'm on unemployment. They said No. Update. I asked again and this time the person said that "Advance Grand" has nothing to do with unemployment and I can get it and not worry about it. The "Grand" will not be considered as an income.
Can I buy business supplies ? Like a label printer ? Packaging supplies
Im trying to find an answer to this question too. I think she said if you purchase equipment under $2,000 then its ok
I am currently stuck out of the US trying to get back on a rescue flight. I was wondering if I take the loan ($150,000 approved) can I invest it to try to recoup some of the interest payment due after the 12 months. While I am away I cannot do business as fully as possible if I was back in the States, but do not want to miss the opportunity if needed or if there is another financial downturn.
All thanks to trustedhackpro on IG for the incredible service he as been doing for me he help me with $55,000
Thanks for doing what you are doing! Love your energy! Keep it up
Thank you Jamie! Question.... I'm a Sole Proprietor (Landlord) of some Residential Rental Units I own. In your opinion can I use the EIDL Loan for Repairs, Replacement of carpets, painting and or repair of Air conditioning units for the Apartments? Also, can I use the EIDL to pay the Property Taxes for said Rentals?
Thank you!
I saw this question answered in someone else’s video, and what was said is that if you can justify that the repairs absolutely HAD TO BE DONE during the pandemic, then it’s probably ok. Hope that’s helpful, but always ask a professional.
For a property rental business owner what are the top things I can and can’t use EIDL loan for? Paying prop manager, mortgage premiums and interest? Insurance? Property taxes?
VERY GOOD QUESTION!
Those all sound like general working capital needs for a rental business so I’d say they would be fine
@@JamieTrull thanks was wondering the same as rental property i own....
I was thinking the same, but a follow up question would be; if your operating account grows as a result of paying acceptable expenses through the EIDL loan can you use the funds to invest and continue to grow your company? Note - i opened a separate checking account for the loan/expenses to draw from.
I have an LLC and was approved for disaster assistance. So when i take money out of the llc to pay myself/Do , I , in turn, have to show what the money I paid myself was used for.
Right? I think you just write yourself a check and that's your salary or whatever. Just don't buy stuff directly from that account
Watching this question…
Thank you for helping me to understand this information because I am scared to apply for any money
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Great presentation, Jamie. One more question if you don't mind. Can I use proceeds to pay an installment agreement with the IRS (IRS Obligation)?
irs is mentioned, as an exclusion on SBA slides, so i guess yes...
@@mikeskupniewitz8057 That's what I was thinking. Wanted confirmation.
Ignore Joe. His answer is always no.
www.sba.gov/sites/default/files/articles/EIDL_and_P3_4.1.2020_FINAL_2pm.pdf
Yes IRS is specifically called out as an exception and you can
It is very vague about paying IRS obligations. Can I use the grant to pay my estimated taxes now in 2020. It would be easy for me to just keep my payment receipts as proof.
Hello, we would love to get your question answered over in our community or you can tune in here on my channel this Friday at 1:30pm CST for a LIVE Q&A - hope to see you there! Balance CFO Team facebook.com/groups/financialliteracyforwomen
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