FAQ#: 388 published 8-6-2020
13 C.F.R. § 123.303
Found your Code of Federal Regulations (C.F.R.) I know you were looking for, I have a few notes at the bottom of this post for clarification.
"(a) You can only use the loan proceeds for working capital necessary to carry your concern until resumption of normal operations and for expenditures necessary to alleviate the specific economic injury, but not to exceed that which the business could have provided had the injury not occurred.
(b) Loan proceeds MAY NOT BE USED TO:
(1) Refinance indebtedness which you incurred prior to the disaster event;
(2) Make payments on loans owned by another federal agency (including SBA) or a Small Business Investment Company licensed under the Small Business Investment Act;
(3) Pay, directly or indirectly, any obligations resulting from a federal, state or local tax penalty as a result of negligence or fraud, or any non-tax criminal fine, civil fine, or penalty for non-compliance with a law, regulation, or order of a federal, state, regional, or local agency or similar matter;
(4) Repair physical damage; or
(5) Pay dividends or other disbursements to owners, partners, officers or stockholders, except for reasonable remuneration directly related to their performance of services for the business."
NOTES: This should finalize the question many have repeated trying to get someone to agree with their view and interpretation of what you can spend your EIDL money on. There is a reference to what the IRS allows but it does not override this section in the federal regulations.
https://www.govinfo.gov/content/pkg/CFR-1999-title13-vol1/pdf/CFR-1999-title13-vol1-sec123-303.pdf
Louisiana homeowners with major to severe damage from hurricane Laura or Delta must document repairs.
FAQ#: 452 published 5-30-2022 2 min. 32 seconds read
Ineligible Due to Non-Responsiveness and Ineligible Due to Failure to Provide Required Documentation
FAQ#: 441 published 5-26-2022 2 min. 38 seconds read
Does the Restore Louisiana OCD-DRU HUD Grant program offer a Scheduled Draw payment?
FAQ#: 451 published 5-14-2022 1 min. 32 seconds read
Secured Federal USDA Single Family Housing Repair Loans up to $40,000 for 20 years at 1 percent interest and Grants of up to $10,000.
FAQ#: 453 published 4-19-2022 1 min. 50 seconds read
How to help homeowners with their construction projects without requiring a license in Louisiana §309. Construction Management [Formerly §119]
FAQ#: 456 published 4-19-2022 3 min. 35 seconds read
We are looking for Skilled Trade Contractors for remodeling, repair, reconstruction and new construction of residential homes. You must be willing to work at 20% overhead / commission. Contact us today!.
SBA Reconsideration Loan: My home was hit by Hurricane Sally I am in need of an SBA loan to repair my home. Please reconsider my denied application.
FAQ#: 459 published 4-18-2022 2 min. 44 seconds read
"The best way to get the right answer on the internet is not to ask a question; it's to post the wrong answer."
Don't allow misleading or misinformation cost you.
How to calculate your Wind, Snow, Tornado and Seismic risk assessment and apply that information to better home building.
FAQ#: 458 published 3-5-2022 2 min. 31 seconds read
How do I know if my mortgage is federally backed or federally secured? COVID-19 Housing Assistance Program Appeals Process.
FAQ#: 460 published 1-13-2022 2 min. 50 seconds read
Did your state inform you that you qualify for federal assistance only to later deny you assistance based on state created policy or procedure? Is your home listed as being in one of the most impacted areas? Do you have proof your state accepted you into the federally funded HUD CDBG-DR grant program? Contact us about your experience.
Reconsideration of Declined Loan Applications SBA Economic Injury Disaster Loan (EIDL)
FAQ#: 235 published 4-23-2020 updated 1-4-2022 4 min. 48 seconds read
TruckAndTools.Com - Google News
Read full articles from TruckAndTools.Com and explore endless topics, magazines and more on your phone or tablet with Google News. TruckAndTools.Com - Google News.