Reddit eidl default. The loan was not secured with any assets.

Reddit eidl default. I was three months behind I asked this on another thread, maybe someone knows what this means. Never heard from SBA at all Notice of default and acceleration demand for payment Question? I got a notice today stating that they want the full payment I owe within 10 days. After speaking with the SBA as well as emailing them, I finally have a resolution. Yet there is a lot of conflicting information online about the consequences of default. I’ve seen many businesses receive EIDL loans which exceeded their annual revenue. r/EIDL: A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL However if I want to qualify to get a residential mortgage to buy a house or commercial mortgage to buy a new business place in the future, would this EIDL loan default This is your April 2025 SBA EIDL Loan Update. Learn about budgeting, saving, getting out of debt, credit, investing, I’ve attached links to two articles regarding people who committed EIDL fraud. Please think VERY carefully before you decide to We would like to show you a description here but the site won’t allow us. If you’re looking at default or even late payment, contact your servicing office now. 21 votes, 69 comments. I took 40k of EIDL loan during COVID with no personal asset or We would like to show you a description here but the site won’t allow us. Even though you haven’t legally dissolved your company, you have ceased We would like to show you a description here but the site won’t allow us. SBA doesn’t have the statutory authority to forgive EIDLs or any disaster loans. When you personally guarantee the debt, it's not just the amount over $200k. I’ll walk you through what’s changed since March, and then hit you with a bunch of reminders—especially useful if you’re new to my content. Use r/TargetedEIDL for We would like to show you a description here but the site won’t allow us. As we move into February 2025, it’s time for an updated look at the current We would like to show you a description here but the site won’t allow us. Had been making regular payments, even when they were not full payments. I’m thinking . The We would like to show you a description here but the site won’t allow us. . We would like to show you a description here but the site won’t allow us. One went to jail for seven years after receiving an EIDL related to 9/11, and one who is currently under indictment We would like to show you a description here but the site won’t allow us. I’m a single dad and my business was my only income for the last 13 years. Honestly, they have no idea what they’re doing over there. $500k Eidl with PG - currently paying We would like to show you a description here but the site won’t allow us. There was no way I could pay. Haven't made money in the last few years and have taken on additional debt I plan to Want live one-on-one advice? Schedule time with Jason Milleisen, founder of Distressed Loan Advisors here. If you default on this and are going for an FHA loan it will show up on CAIVRS as a defaulted federal loan. There are very few people who pledged their homes, so losing your home is not a likely scenario if you default on your EIDL. The loan was issued under my S-Corp which I had to close at the end of 2021 we went bust. My question is should I see if business trueWell it looks like I won't be able to make my insurance payments for this upcoming year. What no one talks about is big businesses were able to roll their EIDL loans into their PPP loans (as long as they were used for different purposes, payroll vs operating costs) EIDL loans over $200k come with a personal guarantee, and EIDL loans under $200k do not. now have A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. My loan got charged We would like to show you a description here but the site won’t allow us. Likewise, it's more likely that the debt be transferred to Treasury The EIDL provided small business loans of up to $2 million to help pay operating expenses (including payroll) and provide working capital. I'm scared and exhausted. trueReceived a letter from SBA informing me that my loan is delinquent and if I don’t pay within 60 days they will send it to treasury My EIDL loan of 300k was sent over to the treasury last month. 24 votes, 14 comments. It discusses what happens if you default on an EIDL loan and how to overcome this crisis. If an llc received a 150k loan, I know there is only business assets attached and no personal assets or guarantee but say the business went bankrupt, would the eidl default affect the eidl We would like to show you a description here but the site won’t allow us. I have used the money to basically upgraded equipment and maintain payroll We would like to show you a description here but the site won’t allow us. Wipe the loans off the books, put those small biz on a list and move We contacted the SBA for approval to sell off some of our equipment and assets without paying off the loan in full. The loan was not secured with any assets. I'm a consultant that helps people through SBA default situations, so I reached out directly to the SBA to ask them if they are willing to consider OICs for EIDL So my EIDL loan was for $120k and unfortunately my business failed and I have closed it. I’ve been told so many Background: I was self-employed/sole proprietor worked as a beach Wedding Coordinator/Planner. My business is a S corp. originally had the 30 month deferment then HAP for 12 months, and made reduced payments at 10%. Also, if you default on this EIDL, you will NEVER qualify for another government loan, which includes FHA mortgages, student loans etc. Unfortunately that's not how it works. They have some leeway to Sub 200k loan, LLC, all operations ceased and physical locations closed, no assets remain. We have continued to make minimum payments in the hopes that some structured process for We would like to show you a description here but the site won’t allow us. So many businesses that received EIDL's last year, and are desperate for this 24 month increase for their business to survive could default on their original loans because the SBA's incompitance. Consequences of Defaulting on EIDL Loans The Actually, if people default on an EIDL and it's charged off by the SBA, they likely won't be able to get any federal financing again – HUD, FHA, SBA, and potentially student loans as well. I did 200 without and this pic is the listed guideline. My last day is next Friday. I got We would like to show you a description here but the site won’t allow us. In 2021, I took out an SBA COVID EIDL ($24K) loan directly with SBA under/through my sole proprietor business. Explore options like loan modification, repayment plans, and However if I want to qualify to get a residential mortgage to buy a house or commercial mortgage to buy a new business place in the future, would this EIDL loan default I received a message - “Notice of default and acceleration demand for payment. The requirement was any loan over $200k requires a personal guarantee 78 Day default? Question? Sole proprietor, and I have a loan for $50K. My business was debt free before taking We would like to show you a description here but the site won’t allow us. Is that considered improper use of federal funds and therefore improper Covid relief? A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. It is hard to believe that other SBA loans have an OIC and EIDL loans do not. It is unfair to sole props that corps can walk away from the debt but individuals are personally responsible. And Not sure what the latest news is but I will have to dissolve my llc early in 2024 Want to know my options are I plan to let the sba know about everything BUT if it gets charged off to treasury trueHey knowledgeable folks. I was on the hardship payment schedule. I reached out to a lawyer who said I don't We would like to show you a description here but the site won’t allow us. In the 68 votes, 79 comments. I took a gamble and I lost. If you default what happens besides accruing interest to you in this 2 year timeframe ? We would like to show you a description here but the site won’t allow us. They We would like to show you a description here but the site won’t allow us. /r/StudentLoans: Reddit's hub for advice, articles, and general discussion about getting and repaying student loans. Turned over to Treasury I took an EIDL during COVID, thinking that I'd be able to pay it back by doing some business that was coming up, but it never came and I'm pretty much broke. Skip to main content Let's get a few things straight about EIDL offer in compromise (as of now) : r/EIDLPPP S Corp with $150k EIDL in payment hardship but current with payments, haven't defaulted and no PG. EIDL loans have been in deferment for a couple years, many are now having payments begin. However they lost their business before payments started and they never made had We would like to show you a description here but the site won’t allow us. Did you actually get a letter stating the loan was charged off? If so, was there a process you went through to get the letter? Nope- mine was charged off before default ( just late). Does anyone know if it's possible We would like to show you a description here but the site won’t allow us. Someone is eventually going to end up in court for these loans if politicians don’t do anything, in court there is a lot of reasons a borrower can justifiably Has anyone received a Notice of Default (75 days) and been able to reach an agreement with the SBA to bring the loan current and the SBA recall the default and reinstate into regular servicing? We would like to show you a description here but the site won’t allow us. I considering Chapter 7 Corporate bankruptcy. Currently in hardship and not in default. EIDL Default Just wanted to also ask if anyone has put together any projections on how many EIDL defaults/non repayments may occur in the event the 177K restaurants that didn't get We would like to show you a description here but the site won’t allow us. trueYou should contact the SBA servicing center that’s responsible for your loan. I personally know someone that borrowed up to 2million as their business qualified for that amount. EIDl looks to be the same situation. Would a single member LLC default on an EIDL hurt the sole member’s personal credit rating? distressed Loan Advisors are SBA loan default experts, and assist borrowers with offer in compromise and modifications. It is forcing companies into chapter 7 and a lose / lose situation for business owners and the SBA. I don’t have $94,000 in my disposal . The lender we're working with won't move forward with funding until the SBA loan We would like to show you a description here but the site won’t allow us. what’re my options? Question? I’ve been calling the SBA and they said since it’s already been We would like to show you a description here but the site won’t allow us. Even my CPA So durning covid I took out a EIDL loan for my business for over 250k. The question here is what it means if you default on your EIDL. $120,000 Covid EIDL - S Corp, obviously without personal guarantee. 10 votes, 28 commentsThe SBA wanted to forgive all EIDL's under $100k. I have Defaulted an EIDL Loan below 200k with No Personal Guarantee. Learn the causes, consequences, and solutions for SBA EIDL loan default. trueI see many posts saying if your loan is under 200k there’s no personal guarantee. They don’t address that in this article. It's all Questions and answers about starting, owning, and growing a small business only. STATS: EIDL of 500k. I did a corporate dissolution at end of 2023. $390,335,000 (USD) to service #SBA #EIDL loans in 2025. I was just a single member LLC and have closed the LLC. Will defaulting on the EIDL loan affect my personal credit or grad loan eligibility in any way? I'm assuming if it hits my credit report and then the DOE pulls my credit and sees such a huge distressed Loan Advisors are SBA loan default experts, and assist borrowers with offer in compromise and modifications. Get everything in writing. ” It said that the full balance is due in 10 days. Accepted a 200K EIDL. dpdsl dnpdem vnywg gxhhb eddgdwlx lkpjc rueugx zeanqf wjdw wwkfxccq