re: EIDL Loan Repayment / Forgiveness

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Sadly..I have a feeling they never officially forgive but as a matter of policy just don’t collect. The Treasury department is the collection arm. They can seize collateral, garnish wages, withold tax returns, hold social security payments. The Debt Collection Improvement Act of 1996 (DCIA) governs how it all happens. Not of this matters IF SBA doesn’t turn over to them. Part of the legislation gives SBA an out when the required process is not worth it (no collateral loans under $100k) and burdensome. Politically…I would bet 70% are delinquent. They don’t want the backlash that would happen if they started going after people. We know the system was played. Ability to even set up payments took me extensive research into where to go. I received one piece of paper by mail and one email for $70k loan. Like other poster..I couldn’t sleep if I just stopped paying. I can work around any refunds but the social security part would worry me (assuming I ever get any) or possibly need for some FHA loa

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All good points, but I wonder how the SS plays into it seeing the loans weren’t personally guaranteed? That would be my thought - I’ll never take out an SBA or FHA loan at this point in my life, but offsetting whatever SS I get would be an issue.

I would think they track it off the businesses EIN number vs a SSN unless it’s truly a sole proprietor that used their SSN as the business tax Id

Agree with you on the payments. I was thinking the same thing. The extent I had to go to just to figure out how to make payments was insanity.