BREAKING EIDL Forgiveness | What Should You Expect from SBA
HTML-код
- Опубликовано: 10 фев 2025
- BREAKING EIDL Forgiveness and it's not good news. Read more about the proposed legislation.
Article: www.bizjournal...
Legislation: www.congress.g...
Get access to our COVID-19 EIDL Resource Hub, which includes various Guides, forms, templates, scripts, and instructions to manage communications with SBA: www.auroracons...
How we work for Natural Disaster EIDL Consulting: www.auroracons...
Get our Natural Disaster EIDL Resource Hub to access fundamental insights and get FREE UPDATES when we update our Road Map to Reconsideration to reflect the tools and techniques you need to apply for a natural disaster EIDL or overturn a declination. bit.ly/NDEIDLR...
📌 The content in any of Aurora Consulting's RUclips videos or this website shall not be construed as tax, legal, insurance, construction, engineering, health & safety, electrical, financial advice, or other & may be outdated or inaccurate; it is your responsibility to verify all information.
💥 ⓌⒽⓄ ⓌⒺ ⒶⓇⒺ
During the pandemic, we assisted Small Businesses to obtain $100M in pandemic funding, primarily through SBA's COVID-19 EIDL program.
We provided hundreds of hours of free advice including free consulting calls and live RUclips Q&A sessions. We did our part to support the American Small Business community.
💥 𝒪𝒰ℛ ℬ𝒜𝒞𝒦𝒢ℛ𝒪𝒰𝒩𝒟𝒮
Trevor retired from Mortgage Banking in 2018. He brought the standards he developed in his mortgage financing career along with his customer service background with the once famous "Crazy Eddie" retail chain to assist business owners and entrepreneurs manage the day-to-day doldrums when it came to securing business financing before & during COVID.
In 2017, Linda Rey exited the insurance business and with Trevor, we launched Aurora Consulting, a Commercial Financing Brokerage to help entrepreneurs expand their enterprise with unique, cost-effective business financing solutions.
When the pandemic hit, the business shut down as Lenders scrambled with the Paycheck Protection Program (PPP). As true entrepreneurs do, Linda Rey and Trevor pivoted and sought to help business owners learn the fundamentals of business financing and how to apply for the SBA’s Economic Injury Disaster Loan (EIDL).
They had enough experience with how to apply for a business loan, so their knowledge helped to enlighten business owners who were navigating the very confusing EIDL process.
Aurora Consulting developed a national reputation assisting business owners all over the country and helped to secure over $70 million (that we know of) in disaster funding for small business owners.
#INeedHelpwithEIDL #EIDLDefault #COVID19EIDL #EIDLUSTreasury #USTreasury #USTreasuryDispute #USTreasuryCollection #EIDLCollection #SmallBusinessAdministration #SBA #IRS #IRSCollections #Default #DefaultedEIDL #Defaultloan #AuroraConsulting #EIDLExperts #EIDLinfo #EIDLConsultant #EIDLConsultants #AuroraConsultingNewMilfordCT #AuroraConsultingLLC #EIDLHelp #EIDLAssistance #SBANaturalDisasterLoan #NaturalDisaster #NaturalDisasterLoan #NaturalDisasterEIDL #MySBAhelp #MySBAassistance #MySBAportal #HardshipAccommodation #EIDLHardship #EIDLBankruptcy #Bankruptcy #SmallBusinessBankruptcy #TexasEIDL #FloridaEIDL #CaliforniaEIDL #Pizza #AuroraConsultingNewMilfordCTreviews
I just stumbled on your page and I think it's so interesting about the issues with loan repayment because I had it happen to me! I didn't receive the notice that I needed to start repaying and the only notice I received was their final notice in the mail saying it was being sent to collections due to nonpayment! I called ASAP and it was a pain but I got them to reverse it and I set up a repayment plan. I guess it's interesting that you said it happened to other people too. Good video. Thanks
Thanks for finding us, watching and commenting. Yes, we've been reporting on these very crucial issues that cause real harm to business owners. Stay safe.
I despise Isabel Guzman’s gross mismanagement of EIDL and 10k grants with zero accountability for the mess she has left behind.
You are way off base with your blame game. First, the COVID EIDL and 10k Grants rolled out under the previous SBA administrator, Carranza, NOT Guzman. IN fact, Guzman's administration has come a long way to repairing and improving on many of the dysfunctional systems of the SBA, notably the MySBA portal. Second, the true blame for SBA's dysfunction is due to Congress' failure to properly support the administration through re-authorization and funding. That failure of support for the agency by Congress means by extension a failure to support the small business owner. Did you even watch the video, because I said this during the video...except the part about Guzman.
We were all told all loans under 200k had no personal guarantee. Didn’t matter what structure your business was, even sole proprietorship. Is this true?
That is correct as to the personal guarantee...for formally organized business entities. But if you're a sole proprietor then, quite literally, YOU are the debtor, and thus responsible for the debt.
Helpful info here, thank you.
I do have one question for you that I seem to be getting different answers..
So my business received $198k . It is an LLC and I am the “Sole Proprietor”
I did Not Sign a “Personal Guarantee”.
I closed the business last year, notified the SBA and had to do a phone interview to close it out .. I still keep my monthly payments up and current.
I’ve been told that since I am the sole proprietor of my LLC that it “automatically” makes it a Personal Guarantee.
I purposely kept my Loan under 200K to avoid the personal guarantee..
Could you please shed some light on this topic?
This is not legal advice, so we recommend you confirm with an attorney...BUT...in our understanding, the LLC gives you a corporate "shield." The fact that you're the sole member is irrelevant with regard to personal guarantee: that would apply if you were NOT a formally organized business entity.
We're not attorneys, and this is not legal advice; we recommend consulting an attorney. BUT...in our understanding, because your business is formally organized as an LLC, you have the "corporate shield" to protect you. It doesn't matter that you're the Sole Member. And, our understanding is that "Sole Proprietor" is not the same as "Sole Member LLC."
I really respect you guys and your videos, however, I think using this title as "click bait", is not a very kind thing to do for those small businesses, like myself, who follow you and trust you. Respectfully 😞
I appreciate the feedback and returning to watch our videos. Truly, but HOW is it clickbait?? I avoid clickbait because I see how other channels do it. I think we do a pretty good job of avoiding clickbait titles seeing as our channel DOESN'Tt grow by leaps and bounds at all....which means our channel isn't pushed out AT ALL because it's boring stuff that doesn't attract enough attention. BUT most importantly, THIS IS BIG NEWS AND A BIG DEAL!!! You have no idea how many times we've addressed this and we hear from a lot of folks who put off paying because they thought forgiveness would happen. But here we have it. it's not. I respectfully disagree. I think all of it including the thumbnail is apt.
I thought the first several minutes were on topic in regards to the thumbnail. Not what we may have wanted to hear, but on topic.
Thank you for getting it!!!
This is exactly the issues I’ve been having. I’m set up in auto pay but will get past due notices. I call and they tell me I was paying on the wrong date. I change the date and then will get another notice. I’ll call again and they will say I’m no longer set up in auto pay. Set it back and the repeat the scenario over and over again. Most annoying loons I’ve ever dealt with
Trevor here: you need to review your entire payment history because it sounds to me like you have a single delinquent payment somewhere down the line. That delinquent payment keeps rolling over into the next month. Once you find it and the amount you'll need to pay that amount to bring it current.
Love your clarity and eloquence. So bottom line if I have a EIDL loan of 500k which I’m now paying half due to the stupid hardship program. What will happen of if I just stop paying it, will they actually come and pickup my office furniture, computers etc? Or will they go after my house where I reside?
Trevor here: Thank you for your kind compliment! The question you posed is more of a legal question for your attorney. But, as I state in the video, we don't yet know HOW and IF and WHEN SBA will enforce collections on defaulted loans. Suffice to say that, last year when SBA sent 860,000+ loans to US Treasury for Collections, UST immediately enforced the collections with offset program initiatives: seizing tax refunds, government payments to contractors, and Medicare payments to medical businesses, and offsets of Social Security payments. And assigning files to private collection agencies. The Government has vast resources and a long memory.
Which is not what they told us. I called before signing documents and they confirmed. ALL LOANS UNDER $200k we not personally guaranteed. Even Sole Prop!!! They flat out lied!!!
I wouldn't say they "lied" as much as the representatives were not properly trained. Remember, it was a chaotic and crazy time.
It’s going to happen all debt will be forgiven.
Source please?
This comment is PROOF of why we do these videos stating our EXPERT opinion formed from our PROFESSIONAL experience.
Great info. Love the cute glasses and pretty gray hair n beard !!
Thank you!
Staying current on my eidl…thx 4 u guys help . Reapplying arts declined n finally approved. Grateful for both of u
Trevor here: THANK YOU!
@@shaimesh1 awesome!
If your eidl goes to the treasury, is there a chance that they will negotiate the loan with you and pay maybe a percentage of the loan to settle the debt?
We cannot answer this question.
They keep changing the method of setting up autopay. I think it is purposely to throw people under the bus
Trevor here: I've assisted quite a few Clients with managing different aspects of the MySBA portal, I have not seen any issues with the changing the method of recurring payments. Is it possible you're changing banks, bank accounts, or payment methods (ACH/Debit)?
@ the whole method of payment changed from one website to another and how you log in. It was at the beginning. Thank goodness it hasn’t changed again. Social Security did the same. The government likes to do that, apparently.
A friend whose husband took Covid EIDL is worried about future consequences on this hypothetical question: $400 k loan granted to LLC, S Corp. Loan in repayment and current at all times. 1 owner, personal guaranteed and owner dies with no estate, other than “personal property”. I am assuming debt is not inherited by family, and if sale of personal property produces $85k proceeds (as an example) What happens to outstanding balance owed? Thanks in advance.
This is a question for an attorney. Sorry, but we cannot provide legal advice.
@@EIDLExperts thank you for responding. 😁
Thanks for all your good advice
You're welcome and thank YOU for stopping by and sharing this very kind feedback.
I’ve had no problems with SBA so far
Awesome!
Awesome!
If you were an LLC filing as an S Corp, received personally guaranteed EIDL funds over $400k but then had to file Chapter 7 and included the EIDL loan in the bankruptcy that was discharged, the business dissolved, can they still come after you personally?
@lovetalx Excellent question one would think that a bankruptcy would resolve the matter. Hopefully, that's the case since bankruptcy, however unfortunate is supposed to clear the slate for a fresh start.
Sorry, but we're not attorneys and this is definitely a question that your Bankruptcy attorney should have already answered.
@@EIDLExperts you're right and I appreciate the honest response. I love your channel and think you guys are great with what you're doing. Keep up the good work
@@lovetalx thank you!
I need to get the reduction right now… /Trevor, been paying since the first day…
...thank you for sharing this info
Thank YOU for supporting our video and our channel!
Do you know anything about the formula for the California wildfire EIDL ?
All the EIDL loans were pulled from 3rd party collection so SBA can give biz owners to make good on getting caught up. I have not seen them come back to collections as of yet. PPP loans have come back to the treasury for collection but not EIDL. Also, you'll need to tell your clients IF they see the online portal say they're written off or charged off, THIS is a sign they have been sent to collections. So many people don't know what this means, and its important to know when they are now no longer at SBA and are in collections
Thanks for your comment, but not ALL the EIDLs sent to US Treasury have been recalled to SBA. As for the "charged off" status on MySBA portal, we have covered that in multiple previous videos in 2024 when this US Treasury disaster first happened.
@@EIDLExperts As of May 20, 2024, all SBA COVID EIDL debts are serviced through the SBA. This means that all SBA COVID EIDL debts are being serviced by the SBA, not the Treasury.
Trevor here: I'm not sure that is accurate. We've seen conflicting information stating that SBA only recovered a portion of the EIDLs sent to UST for TOP.
@ I pulled that right off of their site, not to mention I collect the debt and they were ALL pulled from us, 3rd party agency.
Bureau of the Fiscal Service (.gov)
fiscal.treasury.gov › faqs-for-sba-covid-19-loans
Oct 10, 2024 - As of May 20, 2024, all SBA COVID EIDL debts will be serviced through SBA. Please make future payments through SBA's online portal: lending.sba.gov.
I have an EIDL loan for less than 200k. There is no personal guarantee and the company was sold and the Corp was dissolved. Am I in the clear?
If you did all that without SBA permission, then, NO.
Do you think there is any chance of the loan at least going to 1%?
No your contract is not going to change on interest rates. PPP loans were 1% not EIDL
If I had to interpret what he's asking is....would CONGRESS vote to reduce the interest rate (although fat chance of that happening in this administration) because they have the power to lower the interest on EIDL if it were proposed and introduced into legislation. We have spoken about how that's really the one concession that could be considered.
@@EIDLExpertsthat is what I was asking, thank you. I think our only hope would be lowering it to 1% and or keep the payment to a lower percentage.
@@billymartin9176 and @judystures7482 TREVOR here: I have been saying since the early days of the pandemic that IF anything were to change with these loans it could be that Congress could vote to modify the terms of the loan, including reducing the interest rate to 1%. Congress has the power to do this; SBA does not.
just file chapter 7 and screw them not worth itwalk away people file every day
That is not an option for everyone. And, when you say, "screw them" I hope you understand that you mean your fellow taxpayers, right? You know, the same fellow taxpayers paying into a Federal Agency that helped millions of small businesses to survive the pandemic. Maybe you should try a different optic: First, with the BK comment, think about people with different situations, because there are many and varied. Second, consider civic responsibility: it begins, literally, with yourself.
Bankruptcy is not an option for everyone, so your "blanket" solution is actually no solution at all.
180000 small biz told to get fd by congress and sba,
Not sure what you mean, nor what the "180000" means/refers to.