I recently applied correctional officer position. My investigator asked about my recent taxes and payroll documents. I currently don’t have them at the moment just wondering will he look over them for legitimacy or will he contact the IRS?
I have seen over the past few weeks that some people who were previously referred to the U.S. Treasury/collections have had the payment button reappear on their SBA portal.
For those of you who were able to get the payment option restored, what steps did you take?
Did you dispute the debt with the Treasury or collection agency? Did you contact the SBA directly and request that the loan be returned to servicing? Or did you simply did nothing and the payment option eventually reappeared on its own?
Any details about the process and how long it took would be greatly appreciated.
Is there litte buzz that the DOJ staring to lawsuits on default personal guarantee loans? I just want to know if anyone else heard anything about this? I know that fraud yes but just default any information is appreciated
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.
Yesterday, I finally received my discharge from my Chapter 7 non-consumer bankruptcy.
I wanted to share my experience because I know there are many small business owners with EIDL loans who are scared and wondering what will happen.
My SBA EIDL loan was $207,000, and my business had no assets of significant value. In addition to the SBA loan, I had other business loans, business and personal credit cards, and other business debt.
It took me almost a year from the time I started dealing with everything and preparing for bankruptcy until I finally reached this day.
I was able to keep my house and both of my cars. Nobody from the SBA or any of my other creditors showed up at my 341 meeting. My trustee asked some basic questions, and the entire bankruptcy process ended up being much smoother and simpler than I had imagined.
Yesterday, I finally got my discharge. 🙏🏻
I’m sharing this because I know how stressful having a large EIDL loan and struggling business debt can be. I spent so much time worrying about what could happen. If you are going through something similar, talk to a good bankruptcy attorney, be completely honest about your finances and assets, and understand that every case is different.
For me, Chapter 7 non-consumer bankruptcy gave me the opportunity to finally close this chapter and start over. ❤️
Please sign the petition. I've been paying $731.00 month for 6 years and still owe more than we borrowed. I'll die before it's paid off. We need speak up...loud and louder!!!
Anyone out there with an EIDL loan with a PG get their loans sent back to SBA and the 30% interest knocked off? PLEASE elaborate if so
My loan status is sba uncollectible. I still have option to make a payment.
Notice says preparing to send to Treasury.
I am in a position now that I can make a full payment to catch this loan up to current status.
My concern is it will go lost and be in some limbo, or can I just make the Jayne t as I always have and this corrects itself.
Sending email to sba as well but we all know how they take forever to respond.
Thanks for any insight.
I’m looking for advice or resources regarding an SBA EIDL loan that has now been referred to Treasury/TSI for collection.
My parents owned a small business that operated for more than 50 years. The business struggled after COVID and then suffered a major fire in 2022. It never fully recovered and permanently closed in January 2025.
There is approximately $290,000 owed on the SBA EIDL loan, plus fees and interest bringing the balance to $428,985. The business has no income or ongoing operations. My parents are now in their 80s and live on limited retirement income. My father has serious health and cognitive problems, and my mother is his primary caregiver. They do not have the ability to repay a debt of this size.
I have been working to get all of the old business tax returns, financial records, asset information, and other documentation straightened out and am now preparing a hardship package for Treasury/TSI. I’m trying to find out what options may actually be available—hardship consideration, compromise, reduced settlement, affordable payments, or any other type of relief.
If anyone has dealt with an SBA EIDL loan after a business permanently closed, especially once it was sent to Treasury/TSI, I would really appreciate any advice, experience, attorney/resource recommendations, or information about what worked for you.
So a couple of weeks ago I posted a 106 point drop after being accepted for the temporary reduced payments. It was only Transunion reporting the drop. Yesterday my Fico went back up 92 points with a note saying Sba loan removed. So, if anyone else had a drop, it may correct itself within days.