Got an $150K EIDL offer - should I take it?

[Alvin Uy]

So I just got approved for $150k SBA EIDL under my design biz (not real estate related biz).  Terms are 3.75% interest rate w/ 30yrs to pay.  $731/mo (P/I)..  First payment does not start until after 12mos from disbursement date.  Sounds too good, but there's limited use of funds. I'm still receiving $10k/mo salary through my biz so this will help because I need to maintain my W2 so I can still qualify for loans to buy real estate.  But not sure where my design biz will be for the next 30yrs... it is a slow crawl right now due to COVID19 and almost feels like i have to start all over.   Of course, my mind goes straight to finding ways to use funds and invest in RE somehow... but I don't think I can take the draw all at once. That said, it's been a week since approval and offer... but I still haven't pulled the trigger to sign the note.  

What would you do if you were in my shoes?  If you have gotten the EIDL, I would love to hear your thoughts and perspective.

[Mark H. Porter]

I got the $150K back in May and just sat it in a deposit account.  Do NOT turn down cash right now, you simply don't know if the stuff is going to hit the fan.  It has no effect on your ability to refinance or sell but play by the rules it was intended for.  Your properties secure the loan.

It is targeted for operational expenses you cant meet due to Covid.  That means you could fix a broken window under it but you couldn't use it to replace all the windows in your building.  No improvements.

If there is no second wave, or you are fortunate enough to always have paying tenants, then simply pay it back anytime.  Go to SBA.gov for more.