Anyone know of any resources to better understand scope of how we can spend E I D L funds?

[midddeb]

Proceeds of the loan must be use for "working capital to alleviate economic injury caused by [covid] disaster". I'm trying to gain a clearer understanding of this phrase, including any examples if possible. Can't find anything useful through google searches.

 

[barronkanetaylor]

@midddeb This page at SBA.gov says “working capital and normal operating expenses,” with these examples: “continuation of healthcare benefits, rent, utilities, fixed debt payments.” We also used ours for some payroll that we didn’t cover with the PPP.

There is also a link on that page to the EIDL FAQs. You’d only need the most recent of the 6 listed, as each version is updated from the previous versions.

It can be helpful to consult a CPA if you need to know how Any of the accounting terms apply to your particular business.

Good luck to you!

 

[midddeb]

@barronkanetaylor That is very helpful, thank you.