I took out an Economic Injury Disaster Loan and will use it for taxes - Business Insider

by the pandemic. Right now, my income is totally unpredictable — some months this year my income has been down 25%, but there have also been times when I'm busier than ever. That's definitely better than a steady downturn, but theThat's why I was so grateful when I was approved for a loan through the Small Business Administration's. The loan is available to businesses in the US that have been impacted by the coronavirus pandemic.

Taking out such a large loan was intimidating. I could accept a loan of any amount up to that cap, but after talking with my husband, I decided to take the full amount. With the relatively low interest rate of 3.75% and a 30-year term putting payments at roughly $200 a month, the security of having cash on hand was appealing. When I went to sign the closing documents, I was confronted with a long list of things that the loan can't be used for.

Searching for a clearly acceptable use of the funds, I stumbled upon IRS payments. Although the EIDL loan can't be used to refinance debt or repay federal debt, there's an exception for tax debt. As a self-employed person, taxes take up about 13% of my gross income every year. Being able to use the funds for taxes would free up other money that didn't have restrictions. , which were due on July 15 for the first half of the year.

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