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Updated almost 5 years ago on . Most recent reply

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134
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Jay Y.
  • Real Estate Agent
  • Atlanta, GA
22
Votes |
134
Posts

EIDL and physical repairs

Jay Y.
  • Real Estate Agent
  • Atlanta, GA
Posted

I'm not sure exactly where to post this question but here it is, I was one of the fortunate ones to be granted an EIDL from the SBA.  There's a clause that says it can't be used for physical repairs which makes sense if you have a brick and mortgage store/office but in our case as rental property owners, can I use the loan funds for a repair such as a gutter replacement???  I haven't called the SBA, kind of afraid to get an answer from someone who doesn't really know the answer.  Hopefully someone can provide some information here that I can use when I do call the SBA.  Thanks in advance!

Most Popular Reply

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1,135
Posts
1,194
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CJ M.
  • Rental Property Investor
  • Canton, OH
1,194
Votes |
1,135
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CJ M.
  • Rental Property Investor
  • Canton, OH
Replied

@Jay Y.

That's my understanding as well, but they were so gray, I can't be certain. I was told "normal maintenance repairs, but not rehab." I then asked, what if someone had a property sitting vacant because it couldn't be rehabbed due to covid"...the guy I spoke with didn't seem too sure how to answer.

Anyway, to be safe, I'm just going to call them anytime I'm unsure of an expense and then document (day, time, agent's name) for my records just to be safe.

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