9 Secrets No One is Talking About | Reamoritization | Cash Flow vs. Debt

[@Jubahe]

This is excellent info.My Wife and eye are looking to learn what we don’t know.

[@EIDLExperts]

Thank you for finding us and sharing this feedback!

[@toshibavoodoo]

So happy i didnt do a personal guarentee! The LLC is responsible, not me. I got the blue print(THANK YOU!) It is god-send.

[@tammy9253]

Hi I have a question for you. I saw your reply I have an EIDL loan under $200,000. My understanding is the same as you that the loan was under my LLC which has now gone under and no longer exists. Now I'm hearing that the SBA is going after the owners of the business even if the business has gone under and the EIDL was under $200,000. Do you know anything about this?

[@EIDLExperts]

Hi @tammy9253, before we answer this, I'm thinking you may be new here and perhaps haven't seen any of our other videos, so I'm compelled to ask, did you do anything about communicating with the SBA prior to or during the time you knew your business wasn't going to survive? In other words, does SBA know right now that you're out of business?

[@EIDLExperts]

Here's a response nonetheless: When a business accepted the COVID-19 EIDL, the owners of the business (with more than 20% ownership) each signed the Loan Authorization and Agreement (LAA). For the Clients we assisted, Trevor reviewed the LAA with each one and explained the terms of the loan, the restrictions and requirements from the LAA and the consequences for violating the rules of a Federal loan obligation. He did this before they signed the LAA so they understood the gravity of their obligations. Sadly, we have learned that many small business owners failed to take the time to read the LAA, instead rushing through the "docusign" feature to get the desperately needed funds. So many folks went through with accepting this loan without taking a moment to reflect on the facts, the obligations, and the responsibilities associated with a Federal debt. *****The SBA has a required procedure for a business with a COVID-19 EIDL when that business is closing. A business owner is required to contact the SBA to advise of the business closing; assets must be sold to provide cash for repayment of the EIDL obligation. SBA's position--and the Federal government's--is that the owners of the business are responsible for the debt. Even if there's no personal guarantee. You took the money, you signed the LAA, you are obligated. Avoiding this debt obligation, ignoring the requirements of the LAA, refusing to engage with the SBA when closing a business, all can lead to severe consequences---and the Federal government has a long memory. If you are closing your business and you have an COVID-19 EIDL, you MUST engage with the SBA and follow their procedures. If your business cannot repay the debt there are options you have. We discuss all of the "HOW-TOs" in our SBA EIDL Resource HUB. The HUB includes our SBA COVID-19 EIDL Guidebook (downloadable); SBA forms; our exclusive expert templates, and access to a private playlist of instructional videos. Our Resource HUB teaches you how to manage EVERY ASPECT of your EIDL with easy to understand step-by-step instructions, just as we did here on KZbin during the pandemic. Because, manage you must: you have an obligation to this loan that helped save/sustain your business during the terrible days of the pandemic. FINALLY.....it seems extraordinarily arrogant for small business owners to have taken this loan only to later attempt to avoid repayment when the money that funded this loan came from their OWN taxes and taxes PAID by FELLOW American taxpayers. Where's the sense of community?

[@toshibavoodoo]

​@@EIDLExperts Agree. But the loan was funds for business, not personal, and the business is failing due to the pandemic's repercussions still ongoing in the Senior community in CA. TALK WITH THE SBA, get the BLUE-PRINT, and make sure you follow it and work the business or close the business, the loan was for LLC -ONLY! Get the blue-print and HOPE that the SBA at some point will follow the law. (they won't, get blueprint to make sure you are 100% in compliance on your side) The Funds were 100% to business, the SBA owns those assets, make sure you communicate with SBA. Hope my comments are helpful. The Pandemic didn't go away for my business and many others who see the lasting effects and how it changed the market. My Gross is off 75% since the start of the Pandemic, keep putting my own funds into business but that is not possible long term. IF YOU JUST FOUND EIDLEXPERTS, get the Blueprint, watch all of their videos, and take this business loan seriously. GOOD LUCK and MANY PRAYERS!

[@toshibavoodoo]

@@EIDLExperts ONE MORE THING...the funny thing about the SBA loan is that it is the only debt the business has! Been in business for 15 years and the first business loan is pretty much going to kill the business! (monthly payment is 50% of monthly gross) Pandemic really turned my business upside down. What does the bible say about debt? - master and slave. Hope others listen to Rey & Trevor as the hurt isn't over, and making sure you doing 100% of your commitment is vital. CRAZY WORLD, especially looking at what is happening with people in REAL HURT today with Huricanes and floods. Tough times are coming, hope we do come together as community and help our brothers and sisters.

[@iambriguy]

Would the SBA consider a lump "payoff" for the original EIDL prinicpal balance and waive accrued interest? on HAP and never missed a payment. TIA.