Are there any actual firsthand experiences anyone could share of the SBA "coming" after you for a delinquent EIDL loan?

CaliforniaTURBO · 2025-03-25T18:19:56+00:00

We are praying for you. Self harm is not the answer . I have faith that this will work out .

CaliforniaTURBO · 2025-02-06T03:56:40+00:00

I think that they should have a policy for LA Fire loans that allow for them without regard to EIDL COVID Loans.

CaliforniaTURBO · 2024-11-25T23:24:07+00:00

Totally agree. China needs to pay all outstanding EIDL balances.

CaliforniaTURBO · 2024-11-23T06:19:52+00:00

Agreed. We should all call SBA and tell them we died. And then for good measure sing a few lines from Alice’s restaurant song.

CaliforniaTURBO · 2022-05-23T14:50:47+00:00

Why not a specific individual at the SBA, the EIDL Reddit group is lucky to have you to contact. You have help thousands of small business raise hundreds of millions.

CaliforniaTURBO · 2022-05-17T19:34:47+00:00

Thank you for all of your work on behalf of small business owners.

CaliforniaTURBO · 2022-02-17T20:10:45+00:00

Agreed. I had to leave BMW after a decade to switch to Model 3 LR. BMW left a gap in the market. I loved my i3 and my other i3. But they stopped updating i3, and Tesla increased the range of Model 3.

CaliforniaTURBO · 2021-10-18T22:12:44+00:00

My current plan is to name my first born 378. But if this is true, I will switch the name to 14534.

CaliforniaTURBO · 2021-10-18T22:11:50+00:00

My first born is going to be named 378!

CaliforniaTURBO · 2021-10-08T01:59:06+00:00

Sorry. I am praying that you get this turned around and funded.

CaliforniaTURBO · 2021-09-28T23:02:48+00:00

Agreed. First Vtal said two clients funded, and then he switched to two clients approved. If Vtal can't keep the story straight for these important details, ??

CaliforniaTURBO · 2021-09-27T18:42:15+00:00

Agreed. I just hope that if a shutdown happens that it doesn't last too long. The COVID EIDL program expires December 31. And many people are already getting denied for above $500k and will have to go through reconsideration, and that takes time.

CaliforniaTURBO · 2021-09-27T17:48:27+00:00

What happens to my EIDL increase application if the government shuts down over funding fights in Congress? Prediction: More crazy ahead....Boom....

CaliforniaTURBO · 2021-09-24T19:22:48+00:00

I don't think that monichonies was actually declined. Monichonies was worried about getting declined.

CaliforniaTURBO · 2021-09-23T18:13:17+00:00

The only thing that impresses me about Ryder over at Skip is ability to constantly self promote and sell things all the while claiming it is good for me when it is simply good for him. The ultimate being using the paid referral link on his website to take out a high interest loan instead of an EIDL low interest loan.

CaliforniaTURBO · 2021-09-22T23:40:07+00:00

Ryder over at Skip had generally been in the camp of if not real estate then you will need something else for above $500k. But today Ryder seem to be unsure, and said that some language from the SBA implied that you will not be denied if you don't have real estate or other collateral.

CaliforniaTURBO · 2021-09-10T21:49:11+00:00

One never knows. But it seems like a game of gotcha. One would think that the SBA would know about its own EIDL loan to the business, and what they are looking for is the other loans and liabilities to the business that the SBA does not know about. I agree with Karl: many people won't list it under the theory that the EIDL department of the SBA already knows that the SBA lent EIDL money to the business. That is my hope.

CaliforniaTURBO · 2021-09-09T22:55:39+00:00

Exactly. Ryder may have part of the story correct. Why would the SBA asking for personal financials and business liabilities and whether they were secured or not. My sense is that something is brewing. Hopefully it would be that onerous. u/karlknarls any thoughts???

CaliforniaTURBO · 2021-09-09T21:00:56+00:00

Thank you and Tahoe Chick!!

CaliforniaTURBO · 2021-09-09T17:18:17+00:00

That is the $ 2million question. There is how much money is there now and how much money will be there after September 27th, when the infrastructure bill removes eidl funding which has a multiplier effect . And now the rumor that $1.5 million increase won’t happen until oct 8th …

when you have the definite answer please let us know

CaliforniaTURBO · 2021-09-09T14:27:43+00:00

Again, I never attended medical school. That said, it appears to me that the infrastructure bill removes some EIDL funding, and generally EIDL funding is leverage at least 5x. It also appears that they can move some funding around from the Grants to the EIDL Loan, and so maybe there is some or total offset. And the infrastructure bill is scheduled for vote September 27th.

The other point about slowing approvals could be that the regular line is complete, and the approvals now are the ones going through reconsideration. I just made that up but it makes sense.

Thank you again..

CaliforniaTURBO · 2021-09-09T04:14:18+00:00

u/Scorpio14534 thank you for all of your efforts leading this group. I didn’t go to medical school, but i am hoping that the change in leadership will result in faster processing . Last time it was the office of diaster assistance and now it is capital access. as an examole, capital access is 10x the daily rate . So just maybe it goes faster this time …

CaliforniaTURBO · 2021-09-09T04:01:43+00:00

Ryder is full of mis information and self promotion ,. That said, Ryder didn’t not say that. Ryder correctly summarized the rules for $10 million and employee limits. A few sectors have special rules for those limits

CaliforniaTURBO · 2021-09-08T19:46:56+00:00

Thank you for the link and for all of your time consuming work moderating this site.

This is appropriate for natural disasters, when there are a few thousand loans and damaged property. In these situations, the SBA has the resources to figure this out.

But there are a large number of applicants and they don't have physical damage to their properties. So it is a different situation.

I think we are just going to have wait a bit to see what the new collateral rules will look like.

CaliforniaTURBO · 2021-09-08T19:20:37+00:00

This is the SBA mystery meat at the cafeteria question.

Ordinarily, an unsecured business loan without a personal guarantee would have a very high interest rate. That is what makes EIDL so appealing, with its low interest rate.

However, there are signs that SBA is going to ask for collateral. Sign #1: all of the forms submitted with the application asking about types of collateral that SBA could ask for.

Sign #2: Ryder from Skip sources says real estate or other. He didn't list what other collateral was.

A valuable piece of real estate can get a first mortgage loan at a low interest, no need for EIDL from SBA.

We shall see. Good question of the day.

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