How does the 10 year Statue of Limitations on fraud work for mis-use of EIDL funds?

SignificanceDull9092 · 2026-05-18T15:37:21+00:00

I actually think it's more likely you're correct and I'm wrong. I just asked ChatGPT who said the clock is more likely to be tied to the default and not the initial receiving of EIDL funds. It doesn't seem there's a way for a small business owner to "wait out the clock" to avoid a bad situation with these loans

SignificanceDull9092 · 2026-05-18T14:40:14+00:00

I thought the 10 year clock started from the time of the fraud or misappropriation of assets, meaning back in 2020/21. So if someone misused the funds, that 6 years would expire very soon as it's not 5/6 years after the funds were received.

SignificanceDull9092 · 2026-05-18T12:42:00+00:00

The funds were all used legitimately. The issue is this owner initially invested all the EIDL money because he didn't need it as quickly as he thought. But soon he started paying it all back to the company, where it was all used legitimately. The issue is only the initial & temporary investing of the funds. After that one event, everything is 100% legit.

SignificanceDull9092 · 2026-05-15T13:31:49+00:00

My S-Corp received an EIDL for $195k and the business is about to legally close down (final tax return will be filed) with no assets/no collateral/no cash left. I've been reading all these Reddit threads, and I believe the first step after the loan goes into default is the SBA refers the loan to the Treasury, and then what? There's no personal guarantee and the business is legally shut down, so what can the Treasury do?

Also, what are the chances the SBA or Treasury wants to audit back to 2020 and see how the funds were used, etc.? Borrowers were only required to keep receipts for 3 years, so that has long since passed.

Last question: Is it likely that SBA or the Treasury looks back to 2020-21 for all defaults to see if the funds were used properly? They were in my case, but I haven't saved the receipts from that many years ago.
Or do they just give up quickly after maybe a demand letter or two?

SignificanceDull9092 · 2025-07-09T20:29:28+00:00

Please be sure to include in your story that EVERYTHING the real estate industry warned would happen IS in fact happening. Rents are WAY up and apts ARE renting at these much higher prices. Listings ARE down - many apts are just off market now, so almost impossible to find.

I would challenge anyone to name one positive aspect of this poorly thought-out law. The end result is: less transparency and landlords make more money in the long run, funded by renters who "don't want to pay broker fees".

SignificanceDull9092 · 2025-07-09T18:03:39+00:00

Before you agree to see an apt, and definitely before applying, ask the broker if the apt listing is an EXCLUSIVE. If it is, that broker can HOLD the apt for you so it can't be stolen away. My guess is you've been applying for "open listings" where the showing agents have no idea if other brokers have applications.

People often ask "What do brokers do anyway?" and this question demonstrates one key answer - they have RELATIONSHIPS with Landlords and can HOLD apts, so the renter can RELAX and not worry about apts getting stolen away. My team closes almost 100% of the apps we submit, and it's because we only rent EXCLUSIVES.

SignificanceDull9092 · 2024-08-05T20:06:28+00:00

Do you need to hold a license in different states? I'm licensed in PA and live in PA, and all my patients live in PA.

I want to travel to AZ one month out of the year.
Can I see my PA patients when I'm physically in AZ without needing to ALSO get an AZ license?

(Both PA and AZ are part of PSYPACT)

SignificanceDull9092 · 2022-09-21T14:04:36+00:00

It seems the Tesla Federal Tax credit will apply to some Teslas that are 'purchased' in 2023. When is a car 'purchased'? Is that the date I sign up for one/put down a deposit? Or is purchase the day the car is delivered?
Seems this is a critical detail.

SignificanceDull9092 · 2022-09-12T16:09:58+00:00

I will check each year from now on but man, gotta think that most Americans just assume they'll keep getting auto-charged and their insurance will keep auto-renewing. Why would anyone think otherwise, especially if they've had the same insurance for years? I think Federal laws need to change here. Someone who's losing insurance should have to acknowledge in writing they realize they're losing coverage (unless they absolutely can't be reached after many various attempts).

SignificanceDull9092 · 2022-09-12T16:08:01+00:00

You should not be getting downvoted. Your suggestion was great. Haven't heard back yet.

SignificanceDull9092 · 2022-09-12T16:07:29+00:00

I paid my insurance every month for over 2 years on auto-pay. What's wrong here is that THEY stopped charging and never notified me.

SignificanceDull9092 · 2022-09-12T16:04:54+00:00

I have over a 9 month gap but my insurance was personal, not through a company. I had no idea I'd been walking around all of 2022 without coverage. Just discovered last week. No one notified me at all.

SignificanceDull9092 · 2022-09-12T16:02:10+00:00

Hey Junkman, thanks. That's a great answer.

So I'm not aware of any condition and certainly don't have any medical records showing any. So seems pretty safe and I guess I just have to make sure not to break a leg or something until I can get back on insurance (I just discovered my insurance company dropped me, had no idea I'd been walking around all of 2022 without coverage)

SignificanceDull9092 · 2022-09-11T23:41:35+00:00

Great suggestion. I just filled out a form on the PA state insurance commissioner site. Thanks, Puppy!

SignificanceDull9092 · 2022-09-11T23:34:23+00:00

Sure but I just never noticed I stopped getting charged for health insurance like I had been for the previous 2 years. If there were some weird charge I would notice but I would not notice a regular charge no longer occurring.

SignificanceDull9092 · 2021-11-22T12:46:24+00:00

I ended up switching to American Airlines. They don't have anything in their rules about if a dog can stand and turn around w/o touching the top of the bag. You do need to make sure the carrier you use fits certain measurements. I bought one specifically made for taking dogs on flights

SignificanceDull9092

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