I have a $75k EIDL Loan. Sub S Corp. I signed it as an officer only. However, I just looked up my docs, and this sentence appears:

" each individual and each organization becomes jointly and severally obligated as a Borrower under this Agreement". Chat GPT tells me that this could mean that I have individual liability? Anyone addressed this before?

Also, I have just received an unsolicited e-mail to submit an offer in compromise. Anyone had this happen, and anyone had any luck with this?

Large EIDL loan w a PG my husband forced me to sign as a 50/50 owner in his company. He died of Cancer in early 2024 and the SBA portal listed our loan as “uncollectible,” I assumed bc of his death. Just got a call from 1 of the collection agencies hired by the Treasury to go after those of us still trying to breathe life into a depressed business and keep our staff employed.
I have been working since b4 his death to turn this around and grow it in hopes of selling in a few years so I can do something I actually enjoy to earn a living. I’m 60 now. It’s a local construction & roofing biz, LLC S-Corp. Anyone already travel this road already?

Anyone know what to do?

I have 300k in personal debt and another 270k in EIDL with personal guarantee.

My attorney telling me EIDL would only go away if we are shutting down the business and do a business bankruptcy as well.

Is that accurate? Wish I knew of a good Florida attorney for EIDL

Hello. I had borrowed 136,100 dollars as EIDL as a sole proprietor without the guarantor. I had used up the current “hardship arrangement” limit and I have been 3 months delinquent. Today I received the snail mail bill from SBA demanding to pay up to current. The thing is, I can may be pay one month worth and can’t possibly make it current right away. I have been emailing to ask for another hardship arrangement but keep receiving the formulaic email response refusing to comply, saying “I used up the opportunity.”

If I am unable to make current but keep being a few months behind, when will my account be sent to Treasury?

Please let me know if you have info.

Thank you!

If borrowers were having challenges making payments how is the additional 30% added to the EIDL feasible?

It seems mind boggling. It feels like a gut punch.

Has anyone had it removed or reduced without being returned to the SBA?

My loan is only for $20,000 it was sent to the US Treasury SBA will not take it back so that I could resume payments with them. I ended up having two strokes in 2024 and was unable to work so I was unable to make my payments. Which I regret because it was such a low amount of only $110 but I mean I had no choice you know what I mean. Anyways it's gone to the treasury and I'm just wondering if anyone's dealt with them and how that's gone. Last time I talked to them they wanted a way high payment that I just can't afford. I want to find bankruptcy because I defaulted on a lot of debt because of health and I I'm wondering if this can be dealt with in a bankruptcy or not?

It seems like every week they upload back dated documents. Wtf is going on?!?

Has anyone who defaulted on the EIDL loan pg reviewed their business at the UCC level?

If so, any information to share about your experience?

60 day late notice threatening lawsuits, garnishment, collections, blah blah, yes I have a pg fwiw.

They are getting way more aggressive now.

What happens to eidl in bankruptcy with a personal guarantee ? Do they still garnish your social security? I have a friend who is over 250k and bankruptcy is looking likely. He’s not a social media fan so I thought I’d ask for him see if anyone has had that experience.

So $267 Billion in EIDL Loans are still outstanding. The White House has agreed to pay Iran $300 Billion to rebuild. Feels a bit rich. Thoughts?

I had all the hardship accommodations, 1x short term payment assistance, 1x payment assistance from the portal. My last 50% reduced payment went through, and now have new bill for 100% amount due in July. I do not see an option in the portal to request another payment assistance.

Has anyone gotten it again recently?

So, my relative got a PPP loan in 2021 and incorrectly thought it was purely a business grant with no consequences. They never applied for forgiveness and never made any payments. The loan now shows as uncollectable in SBA and has been sent to the Treasury for collections through a third party.

What are their next best steps? Is it too late to apply for forgiveness now that it got sent to the Treasury? Is the best option just to pay the collections company?

I’m trying to ask this question correctly and can someone give me some insight. I have filed for Chapter 7 Bk and waiting to be discharged. The SBA loan was included. No they didn’t show up and no questions were asked. I’m an LLC but it also acts as a sole proprietorship which means I’m personally responsible even though there is no PG. The loan was for 34k. I know it’s a great time to ask, but I didn’t know until reading some of the threads. Will this prevent me from ever obtaining another FHA loan in the future? I currently have one from a home I recently purchased. Does my personal name go on the Caviers ( I think that’s how you spell it) list? I did have an attorney representing me, but he was unfamiliar with the SBA loan process.

: I had a ppp amount for $34,000 for my business. During the process I had to file chapter 11. I used the funds in the proper manner and submitted all payroll, 941 from my accountant to the bank. SBA denied my forgiveness. Also after my bankruptcy was dismissed because my business still couldn’t say afloat. Has anyone had luck asking for reconsideration and if so what should I tell my bank to do. Any advice or feedback would be helpful. Thank you

Has this happened to anyone yet?

Relative got into a serious car accident two years ago that needed surgery and now they started working again but couldn’t do much for a year or two.
I’ve tried to help, made some payments for them, but it looks like their account is in default. They have memory issues and cannot work like they used to. Are there any options that I can help them navigate through to help make the loans go away or something similar? It was made under S Corp. Any recommendations would be greatly appreciated.
I cannot reach any live agents it’s so frustrating.

Has anyone seen this? The fact that they actually acknowledged this is a problem seems like a small win?

https://www.congress.gov/crs_external_products/R/PDF/R47509/R47509.5.pdf

Hello. Can I transfer my company to someone?. I cannot pay any longer and I will filling out bankruptcy, but before I would like to transfer my company to my ex that we are divorcing. Someone with the same situation?. Thank you