Originally Posted by tn0087:
Tom, as a follow up, do you know if there is anywhere that we can reach out to get "approval" for fund usage? I'm comfortable the fence request I originally posted will be fine to use the funds for, but I'm not sure how to measure future items that we may have taken t/s% expense against. For example, we've talked about putting a fireplace in our common space, this is not a necessary purchase, but if we chose to do it, would EIDL loan money be an option to use?
I've tried calling the SBA, but the representative I spoke with said the law had to be interpreted by auditors and there wasn't any guidance they could offer over and above the language in the terms. So how can we make a reasonable estimation of what an auditor would consider a business expense?
Thank you!
I don't think you are going to get advance approval for how you spend EIDL money. I also doubt that the SBA will follow up and audit providers because the amounts of money are so small in comparisons with other businesses. It's clear that you can use this money for rent or mortgage payments (principal and interest). Most providers could use up all their EIDL money for this alone, given that the money can be spent over 30 years.