Confused about EIDL loan?

[Anonymous]

Recieved funding for my EIDL loan, business is a transportation company. Upon reading up on the loan I'm really not sure what I'm even allowed to use the money for? Says you can't expand or buy product or be used for any maintenance, unless I'm missing something here, there seems to be a lot more things that you can't use the loan for. Only use I see for the loan is paying of business line of credit. Any help her would be appreciated, posting from phone so that's the reason for long drawn out paragraph. 

[GApeachy]

https://www.sba.gov/funding-programs/disaster-assistance/coronavirus-covid-19

"These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%." 

https://www.sba.gov/sites/default/files/articles/EIDL_and_P3_4.1.2020_FINAL_2pm.pdf

"How can I use the loan funds?
• Fixed debts (rent, etc.)
• Payroll
• Accounts payable
• Some bills that could have been paid had the disaster not occurred."

[GApeachy]

Where did you read about not using the funds for typical maintenance?  Maybe you could put a call in to the SBA to find out.  Maintenance is a necessity and a requirement for a transportation company.

[AzCreditGuy]

I got denied by BofA and some other lender, the SBA sent me an email for denial as well and to appeal the decision by sending them documentation. I sent them information and the debt I had taken on for my business. Over the weekend I got approved, I am too confused on what I am able to spend the money on, I mean even though I was approved, if you read the loan docs its pretty ambiguous on some of he spending terms. Going to send it over to my legal shield, so they can give a legal perspective on what I can spend the loan on, so I am in compliance.  

[Anonymous]

@GApeachy in the loan documents I read that it was for past debts, that were incurred because of the virus. It says you can't use for expansion and maintenance, so I'm not really sure what I am able to use the loan for, we have a small amount of business debt, less than 10k on business credit card. I would really like to not use the money for anything I'm not supposed to but it's not very precise on anything tbh. So currently it's just sitting in bank account and thinking about giving it back.