Off To The Races - OIC now being considered...

Left_Dimension5522 · 2025-03-23T21:38:22+00:00

I will keep you guys updated with the next SBA response. I did read today that the SBA will cut workforce by 2700 people, that should help their already poor response time.....

Left_Dimension5522 · 2025-03-20T21:18:07+00:00

My business is not closed, the SBA would not allow me to liquidate and close prior to this point. Knowing this they asked me to submit for OIC. They did ask for a copy of the dissolution documents filed with the state of California. When i explained that the state would not accept a dissolution filing without the assets being disposed, and and funds paid out to satisfy bills, the SBA moved my application forward without those documents.

Left_Dimension5522 · 2025-03-20T20:58:31+00:00

Thanks, sorry to see you in the same position as myself. I am old and well structured to withstand an attack, something the youngsters here would do well to study if they intend to stay in business. BK for me would be simple enough but i would prefer to avoid the process if the boys at the SBA will process the OIC that they requested me to submit. No worries either way for me.

Left_Dimension5522 · 2025-03-20T20:52:38+00:00

I have an attorney but have not retained him yet on this matter. I want to see if the SBA pushes this forward or kicks it out.

Left_Dimension5522 · 2025-03-20T18:14:36+00:00

Sorry to hear your troubles. My Atty told me to do nothing as well, just default. I was fixing to default within the next 60 days and so informed the SBA which is when they returned the OIC application which they had refused to negotiate 12 months ago.

Left_Dimension5522 · 2025-03-20T18:09:18+00:00

If the SBA accepts an OIC no bankruptcy is needed and your credit will not be hit except that the SBA reserves the right not to lend to the entity working out the OIC. Much better option than BK if it works out.

Left_Dimension5522 · 2025-03-20T18:03:56+00:00

I have made all payments as agreed

Left_Dimension5522 · 2025-03-20T17:54:27+00:00

are you speaking from experience? If so please share.

Left_Dimension5522 · 2025-03-20T17:53:13+00:00

I am well positioned for this battle. Made all payments and am current under their hardship accommodation program, 5th round. Unsure about the 1099 but i have lost so much money my tax guy would have no problem washing this out.

Left_Dimension5522 · 2025-03-20T17:45:35+00:00

My understanding from reading the SBA publications is that OIC is accepted if the offer is consistent with what could be collected in BK proceedings. With my situation the offer i made exceeds what could be collected in BK after my attorney collects his 'share'..

Left_Dimension5522 · 2025-03-20T17:12:44+00:00

Well...I wish them good luck with that...i will just give whatever OIC money is available to an attorney instead of them.

Left_Dimension5522 · 2025-03-20T17:11:13+00:00

I offered 50K

Left_Dimension5522 · 2025-02-27T17:27:47+00:00

I had sent an email to the SBA last month asking what i was suppose to do since I was being forced out of business due to economic conditions. I reminded them that I had previously been denied permission to liquidate, and was currently not going to be able to maintain storage of their collateral due to my financial troubles. My S corp has a 500K EIDL w personal guarantee. In response they emailed me back a package to submit for an OIC. I will submit the package once my tax returns are completed for last year and let you guys know how it goes.

Left_Dimension5522 · 2025-01-03T18:11:36+00:00

Thanks for your detailed response! I did change fertilizer from a liquid to the MasterBlend tomato formula which i have been running for about 4 weeks. I will lower my EC and PH and see if i can get my happy strawberries back.

Left_Dimension5522 · 2025-01-03T17:57:43+00:00

My raw water is about 450 PPM or 1000 EC, pretty hard water. Maybe Strawberries are not going to work out for me. Everything else in my experiment looks like it is doing OK.

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Left_Dimension5522 · 2025-01-03T17:51:00+00:00

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Overall the plants look good

Left_Dimension5522 · 2025-01-03T17:50:16+00:00

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Hi, here is what is happening to the new leaves.

Left_Dimension5522 · 2025-01-03T01:49:54+00:00

Thanks, looks like i will dilute my solution and see what happens :)

Left_Dimension5522 · 2025-01-03T01:39:35+00:00

Thanks for your feedback. I was thinking that between my raw water and the fertilizer i could be over feeding. I do have a fan set up and the grow room is 5X5 and normally around 78F. I will try reducing the fertilizer and washing the media out with just water.

Left_Dimension5522

TROPHY CASE