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Started By
Message
EIDL Loan Repayment / Forgiveness
Posted on 5/23/23 at 9:26 pm
Posted on 5/23/23 at 9:26 pm
Have a $70k EIDL loan I am paying on time.
There is no personal guarantee.
In the next 12 months, will be converting some improved land into a construction loan and building so def don’t want anything negative popping up.
Current EIDL loan doesn’t show on my credit fwiw.
Going to continue to pay BUT there is ongoing reference that the SBA intends on not collecting these loans under $100k (maybe or maybe not officially forgiving).
This business was a 1099 gig that I stopped doing middle last year after taking a new job. Nominal assets exist, most of the money went to salary and business expenses.
Again, I am paying BUT really don’t want to pay this back if SBA has no intention of collecting (turning over to treasury) and essentially forgiving everybody. Would feel like shite but also they are the reason my income went away.
Anybody have insight into what is truly happening with these loans?
There is no personal guarantee.
In the next 12 months, will be converting some improved land into a construction loan and building so def don’t want anything negative popping up.
Current EIDL loan doesn’t show on my credit fwiw.
Going to continue to pay BUT there is ongoing reference that the SBA intends on not collecting these loans under $100k (maybe or maybe not officially forgiving).
This business was a 1099 gig that I stopped doing middle last year after taking a new job. Nominal assets exist, most of the money went to salary and business expenses.
Again, I am paying BUT really don’t want to pay this back if SBA has no intention of collecting (turning over to treasury) and essentially forgiving everybody. Would feel like shite but also they are the reason my income went away.
Anybody have insight into what is truly happening with these loans?
5
Posted on 5/23/23 at 10:44 pm to RealDawg
Sounds trashy
Posted on 5/24/23 at 8:00 am to RealDawg
If the business is no longer operating, I wouldn't pay it back. There is no personal guarantee so they can't come after you, only your business but if your business is no longer operating, it will just sit in la la land and eventually go away.
The government was stupid to loan money without collateral and they get what they deserve.
The government was stupid to loan money without collateral and they get what they deserve.
This post was edited on 5/24/23 at 8:02 am
Posted on 5/24/23 at 9:39 pm to RealDawg
quote:
Current EIDL loan doesn’t show on my credit fwiw.
mine either
quote:
This business was a 1099 gig that I stopped doing middle last year after taking a new job. Nominal assets exist, most of the money went to salary and business expenses.
my loan is not under my corporation but as a sole proprieter. unfortunately mine has to do with RE but i never had to give any collateral. almost basically a no-doc loan. i think they did ask me for insurance policy papers but that was all.
Posted on 5/25/23 at 12:45 pm to RealDawg
Mine was 30k on a 1099 side hustle that is “no longer in business”.
I’ve been paying mine off but damn if I don’t like it haha.
I’ve been paying mine off but damn if I don’t like it haha.
Posted on 5/25/23 at 5:10 pm to RealDawg
quote:
Current EIDL loan doesn’t show on my credit fwiw.
If the EIDL was given for a business entity, why would it ever appear on someone's personal credit report?
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