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Updated almost 5 years ago on . Most recent reply

Tracey Thornton's profile image
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Tracey Thornton
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  • from Monroeville, Ohio
  • Member since Sep 12, 2016
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Tracey Thornton
  • Investor
  • from Monroeville, Ohio
  • Member since Sep 12, 2016
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Tracey Thornton
  • Investor
  • Monroeville, OH
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Tax, SDIRAs & Cost Segregation

Can a Landlord use PPP Loan to pay off their loans on rentals?

Tracey Thornton
  • Investor
  • Monroeville, OH
Posted

I see that there may be a second wave of Stimulus packages offered from SBA. I am a landlord with 13 rentals, and was considering applying for a PPP loan or EIDL loan, as to pay off my commercial loan at a much lower interest rate? Does anyone know if this is allowable? Any advice would be appreciated.

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Brie Schmidt
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  • Chicago, IL
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Brie Schmidt
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  • Chicago, IL
ModeratorReplied

@Tracey Thornton 

The EIDL is $1k per employee and the PPP is 2.5 months of your average payroll.  I am not sure it would be enough to pay off your loans

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