EIDL FOR RECENTLY ACQUIRED BUSINESSES
Does anyone have any experience with applying for EIDL funds for businesses that have been acquired during COVID?
I acquired three related businesses via asset sales in the last month, in each case setting up new entities to transfer over the assets and employees. The SBA clearly states that entities that were not in operation on[redacted]are ineligible, but I've spoken to several CPAs and attorneys who believe that this may be a situation where the spirit of the law trumps the letter of the law. Since the businesses that I acquired were operating prior to[redacted]and I made zero changes to operations (including assuming the long-term liabilities and retaining all the employees and vendors), I think the spirit of EIDL would indicate that we should be eligible.
Any stories of success (or failure) in this area would be much appreciated.