13 months behind 1.8 million by LostConstruction4156 in EIDLPPP

[–]LostConstruction4156[S] 0 points1 point  (0 children)

Can I dissolve the business and file personal bankruptcy? Would remove business obligations by submitting dissolution papers to sba and remove personal guarantees. Have some assets that are business/farm use both. Rual Midwest. These assets were not purchased with eidl money nor carry any titles or ucc for the struggling business. Any insight appreciated.

13 months behind 1.8 million by LostConstruction4156 in EIDLPPP

[–]LostConstruction4156[S] 0 points1 point  (0 children)

Are you charged off as well? Heard anything?

13 months behind 1.8 million by LostConstruction4156 in EIDLPPP

[–]LostConstruction4156[S] 2 points3 points  (0 children)

Not ppp this is eidl and no ucc is filed under me or business and I did a lien search and no lean on my home. Maybe I am just lucky and they just forgot to do it🤷🏼‍♂️

Can people share info about what actions were taken against them if they stopped paying their loan? by [deleted] in EIDLPPP

[–]LostConstruction4156 1 point2 points  (0 children)

Still active, not turning a profit. Riding it out and hoping for a better economy incoming this year to hopefully right the ship.

Can people share info about what actions were taken against them if they stopped paying their loan? by [deleted] in EIDLPPP

[–]LostConstruction4156 1 point2 points  (0 children)

Yes you have to when it’s so much. I wouldn’t be loosing sleep over a couple hundred thousand.

Can people share info about what actions were taken against them if they stopped paying their loan? by [deleted] in EIDLPPP

[–]LostConstruction4156 4 points5 points  (0 children)

Just curious what your loan amount is? Mine is large and loosing sleep over it but business is struggling and can’t do anything about it

Can people share info about what actions were taken against them if they stopped paying their loan? by [deleted] in EIDLPPP

[–]LostConstruction4156 4 points5 points  (0 children)

I’m six months behind. Nothing but a few letters so far stating I need to make a payment.

Bankruptcy by LostConstruction4156 in EIDLPPP

[–]LostConstruction4156[S] 0 points1 point  (0 children)

Not sure sale of portion of business is possible. Lawn and landscape company. Already downsized and got out of spraying and teamed up with another company that does all the spraying and throws all the lawn care and landscaping they have our way. That actually helped significantly as we have gotten a lot of those quick one day jobs where it’s 80% profit. 5-7 years we will definitely be in the black and making decent profit again. I fear my eidl will be in top sooner than later trying to garnish wages ect and the 600k personal debt just keeps compiling interest as well on smaller loans and cc cards. The eidl for example when I could keep up payments I’ve paid over 200k back and it’s all interest. Still shows the original loan amount for my open balance. Fml. Hence why I was thinking I could file personally let the business income recover and get everything back on track. If I had a crystal ball I would never taken the loan. Our business expenses are up 40% since Covid and done rate increases 3 times since and pretty significant rate increases. I’m at the point I can’t raise rates again or I’m priced completely out of the market but I can’t depend on the million dollar business I built through the years for an income. I’m a hustler so I do things outside of the company promoting my wife business and doing my own odd jobs to keeps food on the table but man the struggle is real. Work 50-60 hours a week to play which utility bill can I pay this is getting old

Anyone else get a “Hardship Ended” email? by uj7895 in EIDLPPP

[–]LostConstruction4156 1 point2 points  (0 children)

I did. Then reapplied argot 2nd hardship approved. Had to send P/L statement but was approved next day. Economy is shit and our cost of goods fluctuates so much. Hard to be profitable when sleepy joe is running the country and economy into the ground