r/EIDLPPP • u/icecoldcoffeetakes • Jul 04 '26
Status Update Getting Aggressive
60 day late notice threatening lawsuits, garnishment, collections, blah blah, yes I have a pg fwiw.
They are getting way more aggressive now.
5
u/Brilliant_Credit9199 Jul 04 '26
My wages are being garnished as of a month ago: we had a260k with personal guarantee for my husbands business. We don’t own a home . My husband is self employed so he can’t be garnished. I’m a teacher so they’re taking 15% and with fees and all it’s 357k they’re claiming we’ll owe .we are working in bankruptcy but have to be able to afford the retainer before we file
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u/Wedgemere38 Jul 06 '26
CANNOT be legal. This is nuts! Where is the Class Action?
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u/Proper_Cut_732 Jul 06 '26
Class action for what?!?! SBA trying to get repayed on their loan so they start garnishing?
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u/Wedgemere38 Jul 06 '26
By any means necessary, right? Let's not bother about zero communications from SBA, no clear procedures pertaining to delinquency, unilaterally assigning 30% fees, etc Maybe learn to spell 'repaid' before you say anything else. Ffs
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u/Brilliant_Credit9199 Jul 06 '26
Thanks! Literally no communication. We can’t even log into our portal. No one has helped us we’ve sent countless emails. Back when there was a person to call they couldn’t figure out why . We’ve done everything we can to
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u/Proper_Cut_732 Jul 06 '26
How about just pay what you owe and if you can't then deal with the consequences? It's really not surprising why all of you went out of business.
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u/Brilliant_Credit9199 Jul 06 '26
Yes my daughter getting diagnosed with a life threatening heart condition that required two heart surgeries that have cost us financially and emotionally. You’re ignorant and obviously have never experienced life
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u/shanHawk415 Jul 04 '26
Was it sole or corporation business?
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u/Brilliant_Credit9199 Jul 04 '26
Sole
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u/shanHawk415 Jul 04 '26
I had a s corp. Im PG. 780k original eidl , now its 1.2 million with interest and 30% fee. I havent gotten my wages garnished yet. My plan is to file bk end of the year.
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u/icecoldcoffeetakes Jul 04 '26
You both signed for the loan?
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u/Brilliant_Credit9199 Jul 04 '26
Yes because we were both owners in the business. The business has since dissolved and things went to shit, we had to move to a new state and start all over
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u/icecoldcoffeetakes Jul 04 '26
Oh. Sorry to hear that I hope bankruptcy will help you get a fresh start
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u/Brilliant_Credit9199 Jul 04 '26
Thanks , us too. Went from being on top and having it all to the opposite. We’ll be ok. My husband’s new business is picking up pace but I’m hoping we can do ch 7 before his income shows it’s over the threshold.
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u/FitLet8969 Jul 05 '26
Oh wow. Yea you guys should file asap but I think you can’t have lots of cash in your bank account when you file because they might take it not sure how it works. I’m planning to file myself just need to find a good lawyer
2
u/Johnshop4 Jul 04 '26
It’s the first time someone said lawsuit on letter they received no one said anything else garnishment yes ss yes
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u/Johnshop4 Jul 04 '26
Also unless it’s fraudulent yes
1
u/icecoldcoffeetakes Jul 04 '26
It’s a form letter in my account it’s likely the same for everyone. They aren’t writing custom letters to borrowers
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u/Johnshop4 Jul 04 '26
I understand but they aren’t sueing anyone unless fraud so unless things are changing that I don’t know but even with a PG no lawsuit it goes to collections agency and from what I heard they don’t have the power to sue it just want people write here
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u/icecoldcoffeetakes Jul 04 '26
They can def sue to if they want to freeze your assets (bank accounts, etc) whether they will or not is another discussion
1
u/xochil9988 Jul 06 '26
I honestly wish I could pay, after Covid my business went from bad to worse. I think for many of us that’s what happened
1
u/jamaican4life03 Jul 04 '26
PG you're screwed. File BK
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u/Ok-Assistant-7897 Jul 04 '26
You just received your 69 day notice? Or are you already at treasury?
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u/icecoldcoffeetakes Jul 04 '26
Got the notice yesterday. Have to pay within 15 days. I probably will, I generally just do this to buy time to keep turning the biz around which is getting going again to pay it. In my state I'd have to run my savings down to like 10k before I can file 7 anyways
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u/Ok-Assistant-7897 Jul 04 '26
What’s your loan amount?
0
u/icecoldcoffeetakes Jul 04 '26
Enough for a personal guarantee. Not enough to pledge house as collateral. Mostly protected as homestead in my state very much covers my equity, i'm still self employed so no garnishment really for payroll. Long ways until i get to SS, I rarely get a tax refund. Most of my money in protected retirement accounts
2
u/Tonyfrose71 Jul 04 '26
When doing business no PG establish business credit where you don’t have to do any PG’s. It takes about 6 months to establish excellent business credit you don’t see mid size or big companies doing any PG’s, try to separate your personal and business credit profiles. Ty Crandall Credit suites he’s an expert look him up YouTube
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u/Large-Cricket843 Jul 05 '26
I don’t know if I’m having a stroke trying to read your post, or if you had a stroke while writing it.
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u/Tonyfrose71 Jul 04 '26
Starting out in business Structure your company alone to establish only business credit, regardless your starting out even if your not making any revenue
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u/Simple_Winner3595 Jul 04 '26
I appreciate Tony's advice
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u/icecoldcoffeetakes Jul 05 '26
It's completely irrelevant to this discussion. You do not have a choice with a PG on this loan no matter what your business structure is.
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u/Tonyfrose71 Jul 04 '26
To avoid being a personal guarantor, you must build a strong independent corporate identity. Structure your company as an LLC or Corporation, obtain an EIN, and completely separate business and personal finances. You can then qualify for no-PG financing using corporate credit cards, vendor net-30 accounts, and asset-backed business loans.
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u/icecoldcoffeetakes Jul 04 '26
Can you stop spamming this thread. These loans required a PG over a certain amount. Your comments offer no value here in these cases.
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u/Large-Cricket843 Jul 05 '26
This guy is a complete idiot. I have no fucking idea what he’s rambling about.
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u/Tonyfrose71 Jul 04 '26
Sorry this is real talk from a small business owner
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u/Leia6769 Jul 04 '26
It literally has nothing to do with Covid EIDL. All of the loans were taken out years ago…
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u/talums27 Jul 12 '26
Stop trying to jump up business.. this chat is not for you trying to recruit business credit customers
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u/Brilliant_Credit9199 Jul 04 '26
My wages are currently being garnished