Anyone recently closed an LLC/S-Corp with a COVID EIDL under $200K and no PG? Looking for firsthand SBA experiences
I’m preparing to close a small service-based S-Corp with a COVID EIDL under $200K and no personal guarantee. I’m the sole shareholder/officer.
The loan is still current and has always been paid on time, but unfortunately after several years of losses the business is no longer financially viable. I plan to notify SBA before I can no longer make the regular payments and want to handle the closure/liquidation properly.
The company has very few assets left: a small amount of cash and some used computer/office equipment that is fully depreciated but still has modest resale value. No inventory, no other loans, and no major creditors.
I’m especially interested in firsthand experiences from people who recently closed an LLC or corporation with an EIDL under $200K, no PG, and few or no assets to liquidate.
What happened after you notified SBA? Did you wait for SBA instructions before dissolving? Did they require approval before selling assets? How long did the review take, and what ultimately happened to the remaining EIDL balance after the business assets were liquidated?
Not looking for settlement-company referrals, just experiences from borrowers who handled it themselves or directly with SBA.
Thanks for any details you can share.