EIDL Loan Collateral - Things You MUST Know! Can the SBA Seize your personal property?

The EIDL Loan has some scary sounding provisions in the loan documents in regard to collateral. In this video, I go into a little more depth on what all of this could mean for your business and you personally. The more informed you are, the better decisions you can make.
Please check out my other videos on information on the PPP loan, the EIDL loan, and the EIDL grant as well as anything related to those stimulus packages.
#EIDL #EIDLCollateral
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This video is for entertainment purposes only. The information portrayed in this video should not be considered as tax or legal advice. Consult with your own tax professional and attorney to get proper advice for yourself.

[@NguyenCPAs]

Let me know what you think in the comments below.

[@joeh2401]

I was getting ready to make a payment on my EIDL loan. I was told by the person I was speaking with not to pay because there was a possibility it could turn into a grant. Do you think that’s a possibility.

[@NguyenCPAs]

I don't need to do shit, actually. But thank you, your opinion is highly valued..

[@NguyenCPAs]

Anything is possible. But I don't think its going to happen

[@cuocsong2542]

Hello anh ! How can i contact with you brother?

[@clementroberto85]

How do I get out of a contract I signed? I engaged a consultant to help me with my EIDL loan application now I got approved for $2 million and consultant wants 20% 😫. I’m thinking that too much.

[@The_TOMMYRAZOR]

So you hired a consultant, signed a contract, Consultant got you 2 million, now wants their 20%… and you don’t want to pay? What are we not seeing here? Seems like a scumbag move

[@debrahilda7179]

Agreement is agreement, don’t be an ingrate. They deliver their service, now you trynna play wise ? Huh 🤔

[@jod5834]

Thank you!!!!! Helpfull content, great!

[@wfulchercc4431]

Thank you! You have given us very important information. I concur, only use the funds appropriately.

[@wfulchercc4431]

Woohoo, I received the EIDL funds yesterday. Am I able to transfer those funds from my checking account into the connected savings account to better track the EIDL transactions? This will help keep my ongoing business transactions separately from the EIDL ones.

[@bumpyjohnson635]

Great video thanks

[@Latasha-rl8ch]

Great content

[@sheilafenton9434]

How do you know if you put up collateral? I got $28,600 loan so I’m Over the 25. Need to file bankruptcy. All I own is my truck… paid $9000 cash . I have no other assets except clothing…

[@aceno1vlog504]

Thank for the info i wonder what if you dont have any collateral

[@pokinorozco5388]

Thank you for your video. Question, if I only get $25k the restrictions on how to use the funds still apply? Also, if I pay the total amount before any audit, do they still require you to provide evidence of what did you spend your EIDL funds? Your answers would be totally appreciated.

[@BrianRueth]

An SBA loan will NEVER appear on a personal credit report. It doesn't matter if you ARE a sole proprietor and applied with your social security number. SBA loans are only reported to commercial credit reporting agencies, NOT personal credit reporting agencies. This is according to multiple other sources on the Internet and the SBA itself. If someone has first hand experience that contradicts this, please let us know.

[@skongk]

Correct! SBA loan does not appear on the personal credit report. I am an accountant myself. I would not tell my clients to worry about SBA loans showing up on their personal credit reports.

[@Landcruiser252]

When they sue you does that mean the us treasury gets involved which means can you travel or is jail time involved just wondering

[@frankwindish9933]

Great info. What if I am a sole proprietor with an LLC. As a sole proprietor I use my SS number. TIA

[@opticaldvd123]

I'm confused on the "Personal asset" for a loan applied for by someone using SSN#. Do personal assets encompass my personal bank accounts and my vehicles?

[@almahernandez8809]

Ok so I got approved loan for x amount of $, but after reading terms and conditions- collateral, I want to lower amount, but they said unable to change due to loan has been progressed beyond point to make changes. I just want to know if I return the difference if the collateral clause still apply? Thx

[@BrettHoustonTube]

Yeah I'm in the same boat. That "secured" contract is worse than a deal with the Devil.

[@mraa4950]

Can I put funds in stock market ?

[@ZebulonBanYasharala]

500K loan. Does the Personal Guarantee drop when you pay the balance down below 200K?

[@edlee1973]

thx for info. i was about to apply EIDL loan. so, if i apply 199k, do i still need to collateral list? that sh** is real. i don't want them to seize my home for any reason. plz let me know. thx

[@ThanhBui-lu2fe]

Chị o California Chị co Nghe Em talk about EIDL good Chị co question muon ask Em

[@Spectt84]

This seems like it is going to get really "murky".... For example, if you are an 'independent contractor' or 'sole proprietor' and don't have an L.L.C. you generally operate out of a single personal bank account. How are you supposed to distinguish between YOUR money and EIDL money? If this person buys a home or starts an investment account while this loan is active; they are technically in default? How about, if this person is worried about inflation and wants to store the businesses capital in something other than the U.S. dollar? Is that now considered an investment? Technically, every dollar a business spends is an investment. Palantir, just a few weeks ago decided it was safer to have their expendable cash in GOLD rather than DOLLARS, they bought $50 million dollars in gold bars. Is that an investment? Or a way to store/preserve capital? Part of being a business owner/entrepreneur is making good business decisions with the companies capital... The fact that the government can turnaround and CRUSH YOU for doing so is crazy. I hope they get this sorted out and clarified.

[@Michael-st9ky]

Businesses can invest.

[@daboiskittz17]

Why can't you buy a vehicle if that vehicle will help you save money and gain revenue faster?

[@dantelaurenzo78]

Does the SBA put liens on your property?

[@nhimiami4665]

Is my house safe if I transfer my house into a Llc ? (I have a big loan from sba)

[@TheCrimeNation]

How did that work out? Were you ever able to move your house into an LLC? Did it give you asset protection? Thanks! Hope it turned out well.

[@markfrancis5751]

My EIDL SBA loan is only$8,500. sold the business before we went out of business. What happens if we default now?

[@samtgrrr897]

You gd don't worry

[@aredondo27]

I received $18,000 but wondering if I could ask for more I wanna Barbershop and we are still shut down in California how would I ask for more money

[@NguyenCPAs]

Yes you could ask for a reconsideration

[@alexl9047]

Thx for great video. I applied with EIN, but my business is a sole proprietor. Are my personal properties liable?

[@ThanhBui-lu2fe]

Hello Bryan Chị la Thanh Bùi Chị have a question how can chi call Em

[@Michael-st9ky]

Possibly. Dont default

[@kimberlykarcher6988]

The SBA DOES take real estate as collateral when available but I think you are saying they do not. Confused.

[@Michael-st9ky]

Its an asset. The agreement doesnt say otherwise.

[@jennyd5728]

I just sold my business, S-Corp, does that mean my EIDL loan $150k is due immediately? Should I still keep my Corp status active until I pay off the loan? My form SI-550 filing is due next week.

[@NguyenCPAs]

Yes, it's due immediately.

[@SmazzitSEOTrainingInstitute]

@@NguyenCPAs damn 😢

[@joebidens_touchyhands9477]

YOUU fuuucckkkkkkk uppppp homie. 😂

[@SmazzitSEOTrainingInstitute]

If the loan is right at $25k, am I liable?

[@SmazzitSEOTrainingInstitute]

@@jaybo3687 oh ok thanks

[@joebidens_touchyhands9477]

@@jaybo3687 Can a nigga borrow a 100???

[@us4547887]

I owe over 300k. They have my home listed as collateral. Can they take it?

[@kinggdevo]

Can you file chapter 7 if you default ???

[@SmazzitSEOTrainingInstitute]

No

[@SmazzitSEOTrainingInstitute]

@@jaybo3687 This is treated like child support and student loans right?

[@kazizaman926]

I have 35k Eidl loans and right now my business is closed because I diagnosed cancer and I’m disabled now. Can I file bankruptcy chapter-7? I have a house, anyone advice me

[@hanah4487]

Hi anh, anh co so phone k? E muon nhờ a lam giay to ah

[@basementfishroom9509]

A company received an EIDL loan of $300,000 and paid back $100,000. Does the category of the loan change so that personal guarantee is no longer required?

[@mentalllllll]

@nguyencpas One of the things that I didn't like about any of those loans is that anybody could request your personal information for borrowing that money. They get to know how much you got, what your income is, all sorts of stuff. People you don't even know has access to your financial information. Your enemies? Check! People you know, but don't want in your business? Check! People just plum being nosy? Check! You had no privacy in those loans made to the American Citizens. I mentioned this to President Joe Biden too. Your information, your data, was freely available to all seeking the information.

[@muhammadrahman5771]

I’m a Ubar Driver . I took 20000.00 ( twenty thousand ) . Can I buy a car for Uber driving? Please

[@Michael-st9ky]

Hell yah! Thats business

[@eduardocabral700]

No, you can’t.

[@joebidens_touchyhands9477]

You can not buy a car. You can only make payments.

[@thomashuynh8212]

Dear Bro, We are seeking for $2M EIDL loan (maximum). We are requiring to add 4506T and P-022 forms to finalize. We feel the next step SBA.Gov will ask for collateral. We have advices that we can submit business guarantees as Collateral but we could not determine whether we could get approval because our business assets are inadequate values to less 1/4 value to the total amount of the EIDL loan of $2 million. If we cannot meet SBA requirements is that mean we are automatically disqualified? Please help us since time is essential.

[@CJ-wm4ss]

Any luck? I know someone that might be of help

[@ladyliberty]

PREDATARY LENDING

[@WilliamFiler]

Global Default coming, don't worry too much.

[@frankwindish9933]

Great info. What if I am a sole proprietor with an LLC. As a sole proprietor I use my SS number. TIA

[@MrPhlypc]

Damn same get any answers?

[@MrPhlypc]

I don’t see it on credit report though