23/02/2021 · This means any day-to-day expenses are a permissible use of your EIDL funds, giving you the freedom to spend it on anything like: Web hosting; Inventory; Office supplies; Accounts payable; Rent and utilities; Merchant fees; Bookkeeping and accounting services; If you have obtained an EIDL and a PPP loan, you cannot use the EIDL to cover the same expenses over the 8 or 24 week period. However, once you have used up the entirety of the PPP loan, you can use the EIDL …EIDL proceeds can be used to cover a wide array of working capital and normal operating expenses, such as continuation of health care benefits, rent, utilities, and fixed debt payments. The Paycheck Protection Program. loan proceeds must be used only for eligible payroll costs and certain eligible nonpayroll costs as set forth in program guidance .01/07/2020 · That does not appear to be an acceptable use of EIDL based on the definition we discussed earlier: “ Economic injury loan proceeds can only be used for working capital necessary to carry the concern until resumption of normal operations and for expenditures necessary to alleviate the specific economic , In addition, if relocation is an ineligible use for an existing business, it’s doubtful that starting a brand new business would be considered acceptable , the loans can be used to purchase more inventory for your business and cover rent and utilities. EIDL funds can also be used to purchase what the SBA considers “extraordinary items”, which are needs outside of normal operations and directly caused by the disaster. These …Frequently Asked Questions: COVID-19 Economic Injury - SBA5 Ways You Can and Can’t Use Your EIDL Loan | NavWhat Can I Spend My EIDL Loan On? | Bench Accounting5 Ways You Can and Can’t Use Your EIDL Loan | Nav23/06/2020 · 12:23 Loan Agreement (Requirement for Use of Loan Proceeds and Receipts) (Answer questions “Can I use EIDL for relocation?” “Can I purchase equipment overseas?”) 14:05 Loan Agreement (Compensation From Other Sources) 16:16 Loan Agreement (Hazard Insurance) 16:33 Loan Agreement (Books and Records) 18:13 Recommendation: Keep EIDL proceeds on a separate bank account
