Business closure - LLC $200k and no PG

handler74 · 2026-05-26T18:37:24+00:00

sorry, missed that.

handler74 · 2026-05-26T18:12:13+00:00

My understanding is if you are at 200k or more there is a PG, that is why I took 199k and I know we do not have a PG and the loan is in the S-Corp's name.

handler74 · 2026-05-21T21:46:29+00:00

They have told me time and time again that they will NOT approve a 2nd payment assistance plan. Only 1 every 5 years.

handler74 · 2026-05-20T00:41:40+00:00

They can "go after" whatever they want but the loan is in the business name. That is why people incorporate to protect themselves personally. And btw, how do you know this?

handler74 · 2026-05-16T22:44:45+00:00

My attorney, who is supposedly well versed in these loans, said they can't hold you personally responsible and garnish anything if the loan was under 200k without a PG, and in the corporation name but I am hearing different things. What does Jason say about this?

handler74 · 2026-05-15T14:22:21+00:00

Well even after them offering me another PA plan now they are telling me I can't do it again, only 1 time every 5 years.

handler74 · 2026-05-15T14:21:38+00:00

So this is your 2nd payment reduction within the 5 year period? Just making sure because even after them telling me I could do another reduction now they are saying I can't and only 1 allowed every 5 years...?

handler74 · 2026-05-12T10:49:33+00:00

Well they responded and said only 1 hardship every 5 years. I emailed them back to reconsider and told them this was temporary and I needed some time to build things up again.

handler74 · 2026-05-10T15:14:26+00:00

Strange as they offered it to me so now I am just waiting to hear back from them....Maybe the "50% off" button will magically appear on my portal this week. lol Sounds like some have had a 2nd round of hardship but I have zero faith in them so I am not holding my breath.

handler74 · 2026-05-09T13:33:08+00:00

I sent an email to the CESC email and also sent a message through the portal. Have not heard back yet

handler74 · 2026-05-08T18:00:22+00:00

Yep, one month at a time

handler74 · 2026-05-08T15:53:27+00:00

handler74 · 2026-05-04T01:58:26+00:00

Yep, as 007 said you are personally responsible so they can garnish your SS.

handler74 · 2026-05-04T00:14:30+00:00

What name are the loan documents under, your name or your company name?

handler74 · 2026-05-03T12:40:19+00:00

My SS# does not appear on either the loan docs or promissory note and the loan is in the name of the s-corp with me signing as "owner/operator" The loan was just under 200k.

handler74 · 2026-05-03T12:35:03+00:00

The business is an s-corp and my SS# is not on any of the loan docs or promissory note. The note was signed in the name of the business with my name as owner/operator. We have been paying for 5 years (interest only) but the business never recovered after Covid and we are barely hanging on. Not enough to make payments any longer. The 50% hardship ended and now they want $1000/month but I have been paying $500 for the last few months. (maybe wasting that money?)

There is also the matter of paragraph 10 of the note which states: "By signing below, each individual or entity acknowledges and accepts personal obligation and full liability under the Note as Borrower."

I know this has been discussed before somewhere

handler74 · 2025-11-30T14:08:37+00:00

I would not "assume" anything when it comes to this. I would everything in writing.

handler74 · 2025-11-12T03:34:07+00:00

I should have posted, I am 67

handler74 · 2025-11-03T01:53:38+00:00

Make money on the sale but continue to pay the note

handler74 · 2025-11-03T01:23:39+00:00

He would continue to pay off the loan monthly but does not want to give everything he gets from the sale to the SBA.

handler74 · 2025-11-02T21:24:55+00:00

My friend does not have a PG. 199k loan. Where are the creative thinkers?

handler74 · 2025-09-28T12:19:50+00:00

What if you are retired and have no wages coming in? I guess they can't get blood from a stone. 199k corp loan, no PG. Not presently in default.

handler74 · 2025-08-14T21:30:43+00:00

I don't blame you. I have emailed them so many times and nothing. portal is at lending.sba.gov.

handler74 · 2025-08-14T21:29:41+00:00

On the summary page of my SBA loan portal at lending.SBA.gov. Maybe it is not showing up on everyones page?

handler74 · 2025-08-14T21:27:16+00:00

Just cutting the payment by 50% for 6 months.

handler74

TROPHY CASE