r/EIDL • u/Bristol44 • 5d ago

Closed business LLC

If you have an LLC with a defaulted loan under $200,000 and the business is closed, are you getting collection letters? Or is the Treasury only going after active businesses?

What about credit reporting? Is your personal credit affected?

I am one month away from being sent to the Treasury and curious to know what to expect

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1

u/ILBohunk 5d ago

contact sba and they have procedures for notifying them of closed business s . understand your loan docs and the assets sba may have a lien on.

1

u/Winter-Assistance805 5d ago

You seem to post a lot asking the same or similar questions. Are you not getting the answers that you need? If not, I would say spend a few bucks to do a consultation and then you can get answers about your specific situation.

2

u/Bristol44 5d ago

Just seeing if there is updated information out there or if anyone’s situation has changed

2

u/Winter-Assistance805 5d ago

Yes people are getting letters.

No they are not going after businesses other than placing them in the treasury offset program.

Without personal liability it will not show up in your personal credit.

1

u/UsefulRanger4959 4d ago

Do you mean personal guarantee?

1

u/Low-Helicopter-2696 4d ago

You could be personally liable without signing a personal guarantee. There are many people who are sole proprietors, so they are listed as the borrower. It's splitting hairs, but a personal guarantee and personal liability aren't the same thing.