Looking for some help in this sleepy thread.
I finally got back my EIDL answer (did get the $2k for me and my assistant) and they say that based on the ‘cost of goods sold’ numbers in my application I’m not experiencing enough hardship. The silver lining is that I can appeal with more data, but I still don’t understand what the heck ‘cost of goods sold’ is for a practice.
What did anyone who got a loan use for cost of goods sold? I feel like cost of goods sold in medical practice is total overhead including salaries, and not offset by our income, but I couldn’t find anything helpful from the SBA or anywhere else explaining what numbers to use for a service business.
I did my application in the frenzy of get it in quick they’re running out of money! Everything I found about what to use conflicted, and apparently I chose poorly. How do you show economic injury before it hits? I didn’t have decreased income yet in March and April when I was getting paid for Jan-Feb work.