- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
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 7:52 am to SuperSaint
Have not heard, but curious myself that if a business shuts down and has not assets and there is no personal guaranty behind it, what happens.
I will say that if you get the debt forgiven or whatnot, there is a good chance that you wouldn't qualify for any type of Federal loan or SBA loan going forward. It's usually an automatic no if you've defaulted in any way on government debt.
I will say that if you get the debt forgiven or whatnot, there is a good chance that you wouldn't qualify for any type of Federal loan or SBA loan going forward. It's usually an automatic no if you've defaulted in any way on government debt.
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 8:09 am to Bazzatcha
quote:
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.
Man this country has gone to shite.
Posted on 5/24/23 at 12:06 pm to Bazzatcha
Posted on 5/24/23 at 4:16 pm to Bazzatcha
I’ve been paying and will continue despite the fact I don’t operate out of that 1099 any more.
I am doubtful they will announce anything official but there is enough language from Congressmen and auditing branches that make it pretty clear their intent isn’t to collect (turn over to Treasury) loans under $100k.
With some people paying, doubtful they will officially forgive.
Tbh, I was extremely surprised when they approved it (then doubled it) with no personal guarantee on just an individual 1099.
They have likely close to $150 billion in non guaranteed loans.
I am doubtful they will announce anything official but there is enough language from Congressmen and auditing branches that make it pretty clear their intent isn’t to collect (turn over to Treasury) loans under $100k.
With some people paying, doubtful they will officially forgive.
Tbh, I was extremely surprised when they approved it (then doubled it) with no personal guarantee on just an individual 1099.
They have likely close to $150 billion in non guaranteed loans.
Posted on 5/24/23 at 4:21 pm to Im4datigers
quote:
Have not heard, but curious myself that if a business shuts down and has not assets and there is no personal guaranty behind it, what happens.
Generally, they turn over to treasury and they attempt to come after any payments they make to you.
There is some process involved in that. It sometimes takes years.
They of course also flag you from future federal funding sources (FHA, SBA).
If they choose to not turn over to Treasury (not collect), it is essentially a charge off.
Think of how many people have huge loans that are older in age and no chance they make it 30 years. Or the average life of a small business.
This post was edited on 5/24/23 at 4:22 pm
Posted on 5/24/23 at 9:35 pm to RealDawg
quote:
I am doubtful they will announce anything official but there is enough language from Congressmen and auditing branches that make it pretty clear their intent isn’t to collect (turn over to Treasury) loans under $100k.
link??
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 5/24/23 at 10:44 pm to RealDawg
Would be curious as to why they would chose to forgive up to $100k, if they are actually looking to forgive some loans, when at some point in the process they capped the EIDL at $150k. We qualified for a lot more, but during the process they capped it, then when they reopened being able to go up to $1M or $1.5M; they decided they won't increase our amount because they questioned our ability to repay.
Posted on 5/25/23 at 8:40 am to Weekend Warrior79
until OP can provide a link i am calling BS.
Posted on 5/25/23 at 12:01 pm to Fat Bastard
its not necessarily forgiveness but it has does appear that any eidl's under $100K won't be processed through collections or sent to the treasury. On the EIDL board on Reddit there are several posters who have said that SBA moved their eidl's to 'Charged-off' status
SBA Statment
Senator Ernst
SBA Statment
Senator Ernst
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 12:57 pm to Honest Tune
So anybody that's quit paying these - what is the collection process? Do they just simply charge it off or is there a continuous hounding from SBA or a collection agency until they just say screw it and charge it off?
Can't be as easy as just saying F-it I'm not paying the monthly nut.
Can't be as easy as just saying F-it I'm not paying the monthly nut.
Posted on 5/25/23 at 1:12 pm to Im4datigers
SBA had charged off $330 million as of December 2022. With the deferred payments that were in place that number is going to rise significantly in the very near future. People just aren’t paying and SBA isn’t a bank. They have said it would cost more than the value of most loans to try and go after borrowers since no personal guarantee was required on the bulk of loans (anything under $200k)
If you are willing to forfeit the ability to borrow from the government in the future and have a loan less than 100k it does not appear there isn’t much that is going to be done to get the money back. $100k loans and less make up $71 billion of the $378 that was loan out through eidl
If you are willing to forfeit the ability to borrow from the government in the future and have a loan less than 100k it does not appear there isn’t much that is going to be done to get the money back. $100k loans and less make up $71 billion of the $378 that was loan out through eidl
This post was edited on 5/25/23 at 1:14 pm
Posted on 5/25/23 at 1:23 pm to TheVig10
My LLC got $15,000.00. I'm paying it back by direct draft ...two payments per month.
I guess I'm stupid but I can sleep at night.
I guess I'm stupid but I can sleep at night.
Posted on 5/25/23 at 1:26 pm to OTIS2
I’m doing the same. 3 businesses each got differing amounts from 55-95k and I’m paying it monthly. I’ll be the idiot right next to you.
Posted on 5/25/23 at 1:28 pm to TheVig10
I got around the same $30k or so. Funny, it doesn’t give you an opportunity for full forbearance, just the ability to drop down to $25/month. I guess if you turn off the auto debit feature then that’s an option too
Posted on 5/25/23 at 1:40 pm to Im4datigers
I have a close friend who never made his first payment. $22,000 eidl. Got a notice of delinquency in the mail, tried to log into the portal to setup payment plan and his login no longer worked. After a week or 2 of trying to contact SBA he was told his loan was charged-off. that was that.
i don't understand what they are going to do in the next 12 months when more and more people stop/can't make the payments.
i don't understand what they are going to do in the next 12 months when more and more people stop/can't make the payments.
Page 1 of 2
Popular
Back to top
Follow TigerDroppings for LSU Football News