Independent Contractors on the site

If you haven't yet, apply for an EIDL through the SBA: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance

I technically have a small business as my side-gig. It has been impacted by COVID, so I figured... well, I pay taxes, I may as well try to take advantage of this (perfectly legal, FYI). I am getting a small grant that does not have to be repaid (although it may count as taxable income? haven't figured that out yet, but it doesn't matter for me). 

Then they offered me a loan, too. $2,500 at 3.5% for 30 years. No, this isn't a joke. That is a real offer to me. 

I'm taking it to pay down my wife's student loans. It is absolutely insane.

THANKS. Filled it out for mhy farm. . Lets see what happens. 

Definitely going to look into that later, thanks

Interesting. My wife's business (tutoring) took a huge hit. I may see if she qualifies.

FYI

I applied 6/29 when MTN posted this.  I did not receive any offer from IRS. I did not receive any emails. However, this morning this is a $4,500 direct deposit in the business account from them. 

I did last night, we'll see what they come up with.  Kinda creepy they don't tell you anything then just throw money at you?  They pulled my credit report this morning according to my monitoring

Patrick (Forum Supporter) said:

I did last night, we'll see what they come up with.  Kinda creepy they don't tell you anything then just throw money at you?  They pulled my credit report thing morning according to my monitoring

I didn't get a monitoring notice. I am expecting something in writing saying its a mistake or a loan. Figure I will leave the money in there and not touch it. 

I know couple of friends with LLC and LLP, who got $8-$20K deposited in their account, without ever filling anything out right when this COVID started.

i didn't have any magic money show up yet but they did send me to a portal to make an account to keep going through the process.   Carli says i can't get a 30 year loan from the SBA and buy a skyline with it 

Patrick (Forum Supporter) said:

i didn't have any magic money show up yet but they did send me to a portal to make an account to keep going through the process.   Carli says i can't get a 30 year loan from the SBA and buy a skyline with it 

 

Well not until you start up your Skyline restoration parts business! But first you need an actual car to use for R&D. It could take years to finish the market research on which exact parts to make, but it wouldn't hurt to go ahead start measuring now. But that could also takes years...

I did get a deposit advance today which according to the stuff i filled out does not need repaid, and i have to figure out how to get the loan funds that i signed up for yesterday.  I'm going to use them to pay my business expenses that otherwise are coming from the oh crap fund and jump start a new business