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Posted on 5/25/23 at 2:22 pm to Fat Bastard
quote:
until OP can provide a link i am calling BS.
I posted some language from auditing in image.
Posted on 5/25/23 at 2:36 pm to TheVig10
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 loan.
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 loan.
Posted on 5/25/23 at 3:53 pm to RealDawg
Sounds more like if someone owes more than $100k, they could just pay enough to get below $100k then stop payments. The issue isn’t the loans given below $100k, just that once the balance is below $100k it isn’t worth their time and money.
Posted on 5/25/23 at 4:04 pm to Weekend Warrior79
Agreed
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?
Posted on 5/25/23 at 5:14 pm to Joehat
quote:
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
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.
Posted on 5/25/23 at 7:06 pm to Im4datigers
Not sure on the SS other than that’s a standard tool for collection from treasury.. Mine is tied to SSN not EIN. Pretty sure they required SSN of individuals involved even if it was incorporated.
All about risk/reward. I can see how plenty are making the argument the loan was needed because of government action in the first place.
Personally, I am going to keep paying as I have a construction loan to get and other financing and don’t want my credit pinged (even though it appears unlikely).
Can’t imagine either party will want to mess with it closing on election cycle.
It is a tidal wave that is coming. My bet is they quietly just do nothing. I’ll sit and watch.
All about risk/reward. I can see how plenty are making the argument the loan was needed because of government action in the first place.
Personally, I am going to keep paying as I have a construction loan to get and other financing and don’t want my credit pinged (even though it appears unlikely).
Can’t imagine either party will want to mess with it closing on election cycle.
It is a tidal wave that is coming. My bet is they quietly just do nothing. I’ll sit and watch.
Posted on 5/26/23 at 4:00 pm to Joehat
quote:
If the EIDL was given for a business entity, why would it ever appear on someone's personal credit report?
because i did not use my corporation EIN, i used my SSN as it was a SP loan.
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