How to use your EIDL loan? | EIDL Overview, Eligible & Ineligible Expenses, FAQs | FASt Pointers

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Any bookkeeping, business or tax article contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor can it be used to avoid tax-related penalties. If desired, we would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.

Need more clarifications about SBA’s Economic Injury Disaster Loan? Let’s go over it together! In this video, FAS’ co-owner, Cristy Fontanilla, discusses EIDL facts and answer some common FAQs about this SBA loan.

2:08 What is EIDL?

3:11 Eligible Expenses

4:07 Loan Agreement (Interest Rate)

5:19 Amortization Calculation Demo

9:26 Loan Agreement (Collateral)

10:37 Loan Agreement (Requirements Relative to Collateral)

11:06 Loan Agreement (Use of Loan Proceeds)

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

18:57 Loan Agreement (Limits on Distribution of Assets) (Answer questions “Can I take draws/distribution/bonuses to pay myself/shareholder/partners?”)

20:05 Loan Agreement (Certifications)

20:47 Loan Agreement (Civil and Criminal Penalties) (Answer question “What happens if I misused the EIDL funds?)

21:24 Eligible Expenses (recap)

22:13 Ineligible Expenses (detailed)

26:25 Ineligible Expenses (Summarized)

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Running a small business is an extremely challenging task. However with a team like FAS, I do not have to worry about our bookkeeping and tax services.

They are truly great team!
Garage Guys Automotive

Very responsive! FAS bookkeeping service has been an integral part of my consulting business.

I highly recommend FAS to business owners who are looking for a reliable business partner to handle their bookkeeping needs.

Bruce Saxton

I have known Christy for about 5 years. She has assisted several of my clients and me personally.

If you are a business owner, Christy makes an outstanding strategic partner. I highly recommend her.

Gerry Brisson

I started looking for a new bookkeeping and tax service firm as my company was no longer getting the service that we deserve from a bookkeeping firm.

I highly recommend FAS to business owners who are looking for a reliable and professional bookkeeping and tax preparation service firm.

Mark Sargent

 Because of the nature of my business and report requirements from corporate that are time-sensitive.

I can count on Cristy and her team’s eye for detail and reliability to deliver accurate and timely financial information.

Terri Foster

We've been with FAS for years and they are one of the most professional and honest people we've worked with.

I highly recommend Cristy, Dennis and FAS Bookkeeping & Tax Services Firm.

Katie To

Being a small business owner means we’re always constrained by time and resource.

I highly recommend FAS for your bookkeeping and tax preparation needs.

Roy Andrade
FAS, with Cristy & Dennis, has been an important part of our progress as a company and I will not hesitate recommending them to business owners who are looking for a serious business partner for such a sensitive financial matter.
Jorge Vasquez
I have referred Cristy to many of our clients and have always been impressed by her professionalism and dedication to her customers.

If you own a small business and operate in the Houston or Katy area you will benefit from working with Cristy on your financials
Roland Parker
Christy is an awesome bookkeeper and adviser. I highly recommend her for personal tax and business tax.

Not only she help with our taxes, she even organize our entire book keeping for very reasonable price.
Kayla Cory
FAS is the best bookkeeping services I have encountered in my 39 years of self employment. They are hard working, ethical and honest in every aspect of their professional lives.

Both Dennis and Cristy have gone way beyond their normal duties to provide services at the highest level.
Marv Conway