OFFICIAL 2020 STIMULUS CHECK THREAD

[kingfoamnyc]

No email no bread

All because of a checkbox

 

[misha]

You dont have to accept the loan to get the 1k advance right?

No you don’t have to when you log in your account you have to click to accept the amount that they offered. Money advance should come next day after you get the email 1k for each employee you have

 

[ICE CITY CF]

This a loan?

Like elpablo21 said that's the loan amount. If you accept, you'll have to pay it back at 3.75% starting 12 months from the disbursement date.

If you already got this far the $1K grant should be deposited into the account you provided, unless you checked the box when asked if you wanted to opt out when you did the application.

 

[misha]

Like elpablo21 said that's the loan amount. If you accept, you'll have to pay it back at 3.75% starting 12 months from the disbursement date.

If you already got this far the $1K grant should be deposited into the account you provided, unless you checked the box when asked if you wanted to opt out when you did the application.

I think you can resend the application and click the box . No payments till one year but once you accept the money they charge the interest right away it’s not 0 apr for the first year it’s 3.75

 

[ICE CITY CF]

No you don’t have to when you log in your account you have to click to accept the amount that they offered. Money should come next day after you get the email

Guys, I would be very careful following this advice.

The ONLY time you're prompted to act on the grant is during the initial application. It is a checkbox field on the application. That's it.

The above sounds exactly like the process for accepting the loan, which is not free money.

 

[Xennial]

Got that same email that Guccishades got when i applied 1st time sat night and went in and adjusted my account and routing #. I wonder if I ****** up by putting my cost of good solds at $0

 

[ICE CITY CF]

I think you can resend the application and click the box . No payments till one year but once you accept the money they charge the interest right away it’s not 0 apr for the first year it’s 3.75

You're right about this. I didn't accept the loan but just checked the terms again and it's the repayment schedule begins in 12 months, not the accrual of interest.

 

[misha]

Guys, I would be very careful following this advice.

The ONLY time you're prompted to act on the grant is during the initial application. It is a checkbox field on the application. That's it.

The above sounds exactly like the process for accepting the loan, which is not free money.

HE asked if you have to accept the loan I told him no . You have to log in the account and accept the amount They offered

 

[cs02132]

This a loan?

Where do you see this

I got my $ today but I never got any emails or anything

 

[misha]

Where do you see this

I got my $ today but I never got any emails or anything

Check your email

 

[SpittaJetLife]

Uncle Sam about to penalize some of us and make us pay the bread back watch lol.

 

[ICE CITY CF]

HE asked if you have to accept the loan I told him no . You have to log in the account and accept the amount They offered

Sorry, I'm just trying to make sure everyone is on the same page and nobody makes an unnecessary mistake. Your second sentence above could be confusing for someone who doesn't know what they're doing.

I just want to be clear for everyone, there's no logging back on after submitting the application to to accept the grant money. Any funds offered through the online portal after the application has been submitted and processed is the actual EIDL loan.

The grant money is opt in/opt out during the application and the amount of the grant is automatic based on the number of employees you claim on the application - $1K per employee.

Not saying you didn't know that but just want to be clear for anyone who might be unsure.

You said no interest for one year I’ve read you have to pay right away you got a link for that .

I acknowledged that I was wrong about the interest when I answered off the top of my head. I checked the actual loan agreement right after, interest is not deferred for 12 months, but repayment is.

 

[cs02132]

Check your email

I never got any emails

 

[WAKKO!]

I got this email but I ain’t gonna accept the loan

 

[squatchnt]

I never got any emails

Maybe you weren't approved for a loan. The advance isn't tied to being approved if I'm correct.

 

[kingfoamnyc]

I got this email but I ain’t gonna accept the loan

take that **** b

 

[Guccishades]

30 years to return 9 grand?

 

[townbidness]

30 years to return 9 grand?

buy A nice used civic

 

[elpablo21]

Can't wait to tell my grandkids how I came up on a 30 year 10k loan at such a excellent rate from a sneaker message board during a pandemic

Can't get deals like that anymore kids

 

[ualreadyknow23]

If there's no prepayment penalty I'd take it, pay off the rest of my truck, take the truck payment and throw it towards my revolving debt to pay that off quick...then take all that excess and pay off the 9k in no time. I know we're kind of scoffing at accepting the loan but it may be a smart move to pay down/off some stuff at a low interest rate.



- Preciate it.

 

[kingfoamnyc]

If I don't get my bread by Friday I'm calling the number and ask to delete my apps and do it over again.

 

[maldonado]

Flip that $9k into a hunnit.

 

[ICE CITY CF]

If there's no prepayment penalty I'd take it, pay off the rest of my truck, take the truck payment and throw it towards my revolving debt to pay that off quick...then take all that excess and pay off the 9k in no time. I know we're kind of scoffing at accepting the loan but it may be a smart move to pay down/off some stuff at a low interest rate.



- Preciate it.

Idk the get back for ineligible use of loan funds is 1.5x the loan amount plus interest, and no one really knows what kind of due diligence and review the SBA is going to be doing after this all over.

The terms aren't clear about what you can use the funds for, just "working capital in order to meet ordinary and necessary financial obligations."

But it's very clear in naming a number of things that constitute and ineligible use of funds, including the repayment of both revolving debt and long term installment debt, acquisition of fixed assets, and disbursements to owners.

It seems to me the government has left itself a lot of leeway here at the expense of borrowers.

If the terms were more clear and the interest rate was closer to 2% I'd be quick fast to leverage the loan.

 

[Guccishades]

Idk the get back for ineligible use of loan funds is 1.5x the loan amount plus interest, and no one really knows what kind of due diligence and review the SBA is going to be doing after this all over.

The terms aren't clear about what you can use the funds for, just "working capital in order to meet ordinary and necessary financial obligations."

But it's very clear in naming a number of things that constitute and ineligible use of funds, including the repayment of both revolving debt and long term installment debt, acquisition of fixed assets, and disbursements to owners.

It seems to me the government has left itself a lot of leeway here at the expense of borrowers.

If the terms were more clear and the interest rate was closer to 2% I'd be quick fast to leverage the loan.

How can they really prove what you spent the money on isn’t valid in regards to business and whether you spent that money in the first place instead of your own batch of money?

 

[lg88lg]

If I don't get my bread by Friday I'm calling the number and ask to delete my apps and do it over again.

i haven’t gotten anything either
probably going to email them to see what they can do before the funds run out.