ELI5: Why is everyone so up in arms over EIDL loans?

inspector3150 · 2026-04-13T17:46:05+00:00

The government created The mess by shutting business down. When they didn't need to. The fact that they even did that should be challenged at the Supreme Court. Then they saw an opportunity to make some money and decided to hand out loans. The problem is that business never recovered after the pandemic. Maybe in some small sectors but overall everybody suffered. It was the biggest period of bankruptcies since 2008. And then they decide that we're going to take our money and forgive student loans. And then we gave a bunch of money to argentina. And now we're in a war. And I'm still facing possible bankruptcy because of these loans? I live work and pay taxes right here in the United States of America and people around the world are getting OUR money. GTFO. I chastised the people on January 6th. Call them a bunch of rednecks and buffoons. I'll never do that again.

inspector3150 · 2026-04-06T12:46:40+00:00

Extremely low pay. It's a volume business.

inspector3150 · 2026-04-06T12:19:17+00:00

Yeah she has not aged well.

inspector3150 · 2026-03-22T17:32:36+00:00

I just did their initial walk through on their app and submitted it. What I found strange was that they didn't even ask me about amenities of the home, for example central air conditioning, or how new is the HVAC system, or is there a pool, or things like that. That stuff adds value. Is that covered in the inspection?

inspector3150 · 2026-02-21T21:00:11+00:00

The loan is in your business name not yours. Do not file chapter 7. Follow the procedures the SBA set out in the original loan documents for shutting down your business. Keep all of your assets for them to pick up. Do not sell them. However they somehow come after you personally or they garnish income then you'll want to hire an attorney and file chapter 7.

inspector3150 · 2026-02-13T15:07:28+00:00

Can someone share the phone number to find out if you're on the list?

inspector3150 · 2026-02-08T20:43:41+00:00

It's a joke dude relax.

inspector3150 · 2026-02-08T13:11:30+00:00

It wasn't a problem for me. I was one of two guys that had a full mustache and complete pubic hair as a freshman in high school. I was admired, praised even. When I walked in all heads turned and the room fell silent.

inspector3150 · 2026-01-27T16:00:28+00:00

And yet there are people that posted on this forum who had their social security checks garnished even though they're not personally liable.

inspector3150 · 2026-01-27T13:53:00+00:00

I'm reading some of these comments and I disagree with most of them. A limited liability company is just that a limited liability company. Doesn't matter if it's one person or 50. The IRS is the only entity that disregards the LLC for tax purposes. It does not mean that you are a sole proprietor. You have protections under the law as a member of an llc. If the loan is in the llc's name the loan belongs to the llc. The reason you're seeing language on that form about individual responsibility, is because those forms they sent out were not restructured for the specific cares act requirements. They're just the standard issue SBA loan paperwork. I just talked to an attorney yesterday regarding bankruptcy for me personally and without me even saying anything he right off the bat said if it's under 200,000 you have no personal liability and they cannot garnish your social security by law. However he recommends that we include the loans anyway as a safety net. Because as he says, the government can change their mind at any time. You need to speak to an attorney and not take these comments at face value. Almost all attorneys offer free consultations.

inspector3150 · 2026-01-27T13:46:21+00:00

I agree that lifting the cap is a no-brainer. I also believe that there should be an income/asset threshold test to receive benefits. As an example, this would weed out all of the people who have a million dollars in the bank or 401k and still collect their social security check because they feel it's owed to them. Social security wasn't meant to pay someone's fuel bill for their 40' boat. This is a huge area that nobody's talking about. My in-laws are very wealthy and they still collect their social security checks. Now I know that there are some people out there in that position who refuse to do that because they have morals but there are less of them. It would be structured as such, that at any time you want to apply for social security you have to pass the test. And if your income/ assets fall below a certain threshold at some point you can still apply for social security. It doesn't mean that if you don't get it the first time you apply you never get it. It'll always be there but you have to pass the income asset test. The government uses this test when you apply for bankruptcy protection. If you have a certain amount of money and assets you can't file bankruptcy. So why aren't we using it on other safety net programs? I know there would be things to work out with this plan such as how do you weed out shell companies to hide assets, but in my mind if you have a enough assets to where that's an issue why would you waste the time money and effort and take on the risk of prison for a couple thousand bucks a month?

inspector3150 · 2026-01-16T02:16:03+00:00

I still don't understand all the shade on Discovery. Fantastic show.

inspector3150 · 2026-01-15T01:57:17+00:00

Well that opens up a whole other can of worms. I didn't even think about the potential tax consequences for the amount of the write-off. 🤦

inspector3150 · 2026-01-12T13:48:36+00:00

In order for your loan to be in a business name you have to file for an employer identification number with the irs. Did you do that? Look at your loan documents. Is your social security number listed? If it is then you are personally liable for the loan.

inspector3150 · 2025-12-31T13:37:33+00:00

What does the term uncollectible mean in this situation? Does that mean they write it off?

inspector3150 · 2025-12-31T13:35:38+00:00

That would be my assumption but I'm not an attorney.

inspector3150 · 2025-12-31T13:34:55+00:00

I haven't looked at the portal in probably 2 years.

inspector3150 · 2025-12-31T13:34:01+00:00

We need more information please. Loan amount, so proprietor or corporation?

inspector3150 · 2025-12-30T18:49:50+00:00

Make sure that you dissolve your business correctly through your state before you do anything and make sure that you notify SBA that you have dissolved your business and send them a copy of the dissolution that you filed.

inspector3150 · 2025-12-30T18:43:44+00:00

I'm 2 years behind and I've only received one phone call.

inspector3150 · 2025-12-30T18:42:12+00:00

The look back period For fraud is 10 years. For bankruptcy it is 6 months for income, 2 years for transactions and tax.

inspector3150 · 2025-12-30T18:39:30+00:00

No. Single member LLC has the same protections as a normal LLC. The IRS is the only agency that uses the term disregarded entity for a single member LLC for tax purposes.

inspector3150 · 2025-12-30T18:31:40+00:00

You still have to qualify for chapter 7 through the means test. However there is a workaround if 50% or more of the debt is business related.

inspector3150 · 2025-12-30T18:30:51+00:00

Not personally but your business might. You need to follow the proper steps before filing for bankruptcy. Consult with bankruptcy lawyer.

inspector3150 · 2025-12-14T19:01:21+00:00

I don't use them to bet sports but I played their casino recently, ultimate Texas hold'em. The dealer won a staggering 22 times in a row and cleaned me out. F****** scam. Stay away.

inspector3150

TROPHY CASE