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Updated over 4 years ago,
Michael PlaksPoster
#1 Tax, SDIRAs & Cost Segregation Contributor
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- Tax Accountant / Enrolled Agent
- Houston, TX
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Pointless to apply for EIDL loans right now
We all got excited about the EIDL loans from SBA: $10k free advance that does not have to be repaid, and then some great terms on up to $2M loans.
We celebrated too early. First we learned that it is not $10k. It is $1k per W2 employee, so only $1k for a one-person business. And now they are trying to limit it to... wait for it... $15,000! No typo here: $15k.
https://www.uschamber.com/letters-congress/us-chamber-letter-replenishing-funding-the-ppp-and-eidl-program
3+ hours of paperwork to apply for a $15k loan? No thanks.