What does it mean if your SBA EIDL was Charged Off and referred to the Treasury? February 13, 2024

  Рет қаралды 6,304

Jason Milleisen

Jason Milleisen

Күн бұрын

Use this link to schedule your case evaluation:
www.jasontees....
While you're there, check over 100 KZbin videos and over 300 blog posts, including many about EIDL and 7a offer in compromise.
Follow me on Twitter @EIDLadvice
#sba #sbaeidl #eidl #eidlforgiveness #eidlloan #eidlloanupdate #eidlupdate #7a #oic #sbaloan

Пікірлер: 68
@toshibavoodoo
@toshibavoodoo 7 ай бұрын
made advance hardship payments never late, glitch in portal, now charge off. SBA said would bring back due to an issue with their system. That was 6 months ago, still Charged off. Make a deal with the devil, don't be surprised when you get the horns!
@jasonmilleisen5247
@jasonmilleisen5247 7 ай бұрын
Staggering incompetence
@timjenkins6049
@timjenkins6049 6 ай бұрын
My situation is identical to yours. Perfect payments, never late, loan charged off.
@toshibavoodoo
@toshibavoodoo 6 ай бұрын
I called SBA for 100X and they casually mentioned to apply through portal for another Hardship and it would come back. IT DID! Back on Hardship for another 6 months.
@Raw_Manifest
@Raw_Manifest 7 ай бұрын
The 3rd hardship is such a disaster with them calling still even when current
@colincorcoran2524
@colincorcoran2524 6 ай бұрын
If $52 billion has already been charged off, how bad do think all of 2023 combined with 2024 is going to be? Over $100 billion would be 1/3rd of the entire portfolio. At that point, why should anyone make anymore payments?
@Steve-Chukee
@Steve-Chukee 7 ай бұрын
I personally appreciate your videos much better than those fake KZbinrs.
@jasonmilleisen5247
@jasonmilleisen5247 7 ай бұрын
I appreciate that comment. I try hard to not be spammy
@L.J.01
@L.J.01 7 ай бұрын
Good explanation. Can you make a video on what are the possible scenarios once it goes to Treasury?
@robertovillalon2841
@robertovillalon2841 7 ай бұрын
What does the treasury do once they receive it from the SBA?
@jasonmilleisen5247
@jasonmilleisen5247 7 ай бұрын
The answer to that is a little long for the comment section. But this is something that I cover regularly during case evaluations if you're interested: www.jasontees.com/services/
@CindyRae
@CindyRae 7 ай бұрын
What is the amnesty date in March about?
@HeidiWoods-zl9jh
@HeidiWoods-zl9jh 4 ай бұрын
This is super helpful! I owe less than $65k and it has been charged off-I didn't receive any letters or emails. I just logged in and it looks like I can apply for a hardship request. Would you advise making the minimum payment now for the next 6 months or just wait and see what happens?
@leviantlegal375
@leviantlegal375 7 ай бұрын
Does treasury ask for stuff and do you have to respond to treasury? Like tax returns, bank statements, etc
@jasonmilleisen5247
@jasonmilleisen5247 7 ай бұрын
You don't really HAVE to do most things in life, do you?
@bobbybruce8340
@bobbybruce8340 7 ай бұрын
Excellent review. Thank you sir.
@dr.chriscoleman8363
@dr.chriscoleman8363 7 ай бұрын
Thank you! Very helpful!
@jasonmilleisen5247
@jasonmilleisen5247 7 ай бұрын
Glad it was helpful!
@zerosdotworld
@zerosdotworld 6 ай бұрын
… and then… it’s spins out of control. u said it best. 😂 😭
@lisajohnston8671
@lisajohnston8671 6 ай бұрын
If the business is officially & properly closed, and you sent in a large lump sum payment prior to closing and it's under $100,000 (not personally responsible), I'm assuming there isn't much the treasury can do.
@Gino483
@Gino483 7 ай бұрын
Do you think if every they come up with amnesty or any amount to write off that us suckers paying on time every month are gonna get screwed?
@brianlipes4428
@brianlipes4428 7 ай бұрын
There is zero political will for this. Your government demonized every one of us as crooks remember? All part of how this works....they aren't ever doing anything for those on the hook. If your loan is under 200k to an LLC....just close and its over.
@robertcrego1205
@robertcrego1205 6 ай бұрын
We were paying 25 usd a month for hardship for 6 months then extended it for 6 more months but for 50 usd. In October it showed we did not make the payment but we had. We called and they said it was a mistake on their part and just keep making the payment because it sometimes takes a while for the portal to catch up. So we continue to pay the 50usd until they sent us an email saying that the hardship was ending in January We made the full payment in February as we were told to do. But we went to pay the payment in March 1 and now it says our loan has been charged off. We did everything we were supposed to do. What can we do now?
@mido9100
@mido9100 7 ай бұрын
thank you
@jasonmilleisen5247
@jasonmilleisen5247 7 ай бұрын
Welcome!
@Smthmnk
@Smthmnk 7 ай бұрын
If a loan of 100k or less gets sent to treasury how are they able to come after the owner if it’s an llc and there was no pg.
@jasonmilleisen5247
@jasonmilleisen5247 7 ай бұрын
They have very limited options in that situation
@L.J.01
@L.J.01 7 ай бұрын
My Understanding is loans under $200k did not require a personal guarantee if you took the loan through an LLC, but anything over $25k was secured by business assets.
@brianlipes4428
@brianlipes4428 7 ай бұрын
I closed 3/14/23....notified them to come get collateral and sent business assets of $5.34 to them. Nothing happened. They aren't taking back collateral....not sent to Treasury because loan was under 200k to my LLC. It's not my loan.
@anahiramirez9615
@anahiramirez9615 6 ай бұрын
⁠@@brianlipes4428are you saying if the loan was lower than $200 than it should be business assets? Since it’s a LLC
@jasonmilleisen5247
@jasonmilleisen5247 6 ай бұрын
It will be sent to Treasury eventually
@cupcakepaper6523
@cupcakepaper6523 7 ай бұрын
Government loan sharks …pure evil
@jasonmilleisen5247
@jasonmilleisen5247 7 ай бұрын
The way this is all going down does invite comparisons to predatory lending, especially when they hit you with a 28% penalty at Treasury
@kevin-xu4sp
@kevin-xu4sp 6 ай бұрын
Modern day mafia bshit
@kevin-xu4sp
@kevin-xu4sp 6 ай бұрын
Communist virus takes down our country. Uncle Sam says here is money to HELP you out. Economy ie Bidenomics hits. Now pay it back. Disaster loan Good by small business
@CindyRae
@CindyRae 7 ай бұрын
The amount we are paying is paying only interest (or less). Can we try to work with the bank instead of the SBA to get the loan forgiven or pay off a part of it to the bank?
@brianlipes4428
@brianlipes4428 7 ай бұрын
There is no bank....it's straight from US government
@sheamoyer2414
@sheamoyer2414 6 ай бұрын
what happens if you loan is charged off and then you close your business?
@jasonmilleisen5247
@jasonmilleisen5247 6 ай бұрын
You schedule a case evaluation to better understand your options :) www.jasontees.com/services/
@erikaberardinucci4396
@erikaberardinucci4396 7 ай бұрын
I closed my business in July 2023. I have an EIDL of 100K. I received no notices, no calls after I left messages and sent an email that my business closed (which they have record of). My bank took over all my assests and I am currently filing chapter 13 bankruptcy from my business debt. My loan currently says charged off. What realisitically will happen with my loan?
@brianlipes4428
@brianlipes4428 7 ай бұрын
Why did the bank take assets? You had a prior business loan? If you had an LLC and your loan was under 200k its not personally guaranteed. They may hurt your credit...but it's not your loan They definitely can take whatever you owed and make you pay taxes in that as earnings... Sounds like you are headed for bankruptcy anyway?? Which takes care of the things they are going to do.
@erikaberardinucci4396
@erikaberardinucci4396 6 ай бұрын
​@@brianlipes4428yes that is correct. I still owed on many business loans so I sold as much assets to bring down the principal balances. I did sign my EIDL loan as my LLC and yes I filed chapter 13 bankruptcy
@randyrennon9275
@randyrennon9275 6 ай бұрын
Does anyone see where on your loan doc. that when in default/ charge off it will be sent to Treasury and a 30% change will be added ? Reply
@lisajohnston8671
@lisajohnston8671 6 ай бұрын
Is your business still open?
@rogerk3304
@rogerk3304 3 ай бұрын
I read my over 20 times and there is no mention of Treasury or 30% charge.
@AudreyWoodley
@AudreyWoodley 4 ай бұрын
You can pay the balance. SBA will not loan you anything until you take care of this.
@k.alexrivera2430
@k.alexrivera2430 6 ай бұрын
I just want to get rid of my 65k that I have left.....I cant no more.. I didnt even pay this month I just went to get physiatrist help and I was diagnose with depression and now im on medication .... Im to the point I dont care what they do...
@jasonmilleisen5247
@jasonmilleisen5247 6 ай бұрын
At $65k, there may not be a personal guarantee
@k.alexrivera2430
@k.alexrivera2430 6 ай бұрын
@@jasonmilleisen5247 my loan was at $112k I don't know if there was a personal guarantee or collateral $65k is what I have left.
@susanholidy
@susanholidy 7 ай бұрын
What happens if your loan went into default before I made my 1st pmt? I think charge off? I have been making regular monthly payments. I have not been able to log into my sba account to be able to make sure my payments have properly been applied?
@jasonmilleisen5247
@jasonmilleisen5247 7 ай бұрын
Charge off is typically determined based on how far past due alone is. Doesn't really have anything to do with which payments you missed including the first one.
@coupedevillecc
@coupedevillecc 7 ай бұрын
What is the "amnesty date" you're referring to?
@jasonmilleisen5247
@jasonmilleisen5247 7 ай бұрын
It's the date by which EIDL loans under $100,000 need to be current otherwise they run the risk of being referred to the Treasury.
@coupedevillecc
@coupedevillecc 7 ай бұрын
@@jasonmilleisen5247 Got it! Thanks so much. You've been a great help during this stressful time!
@dynastysalon5210
@dynastysalon5210 6 ай бұрын
please what is the trasury will do if you dont have nno business no bank account not working living in apartment my wife pay. rent not me affter i lost my bussiness?
@jasonmilleisen5247
@jasonmilleisen5247 6 ай бұрын
The answer to that is a little longer than I can cover in the comment section. But feel free to schedule some time with me if it's of any interest to you. Here's a link to do so www.jasontees.com/services/
@rogerk3304
@rogerk3304 3 ай бұрын
They can try to garnish your wages, seize tax refunds and seize a portion of you social security when you get it. Look, I covered this in the comment section without a sales pitch.
@nexktm1502
@nexktm1502 7 ай бұрын
if your sba loan is charged off does tht go against your credit if it a sole proprietorship ?
@jasonmilleisen5247
@jasonmilleisen5247 7 ай бұрын
Yes, it could
@amandakunkel4444
@amandakunkel4444 7 ай бұрын
All these loans charged off. Do we know how many? Because I don't see the treasury being able to actually recover most of these.... Sorta like the student loan disasters ;)
@jasonmilleisen5247
@jasonmilleisen5247 7 ай бұрын
They've charged off 52 billion dollars in loans as of the third quarter 2023. But for anyone trying to reach the treasury, be ready to wait on hold if they're willing to let you even do that.
@amandakunkel4444
@amandakunkel4444 7 ай бұрын
😮. I just….wow. And none of my non biz friends even know what EDIL is. But this is huge……. Thank you for providing the information and support you do!
@iceblue6971
@iceblue6971 7 ай бұрын
If you have a loan under 100k in your name, no LLC what can they do. I guess garnish your wages lien bank unless you're near retirement and then they can only take what 15% of your social security, something like that?
@colincorcoran2524
@colincorcoran2524 7 ай бұрын
@@iceblue6971 I don't think Treasury liens bank accounts or even property like your home, just garnishes SS and W2 payments.
@brianlipes4428
@brianlipes4428 7 ай бұрын
Takes tax returns as well
Will SBA Offer Forgiveness or Offer in Compromise for EIDL in 2024?
6:18
Or is Harriet Quinn good? #cosplay#joker #Harriet Quinn
00:20
佐助与鸣人
Рет қаралды 50 МЛН
POV: Your kids ask to play the claw machine
00:20
Hungry FAM
Рет қаралды 13 МЛН
SBA Faces New EIDL Collection Struggles
8:43
Skip
Рет қаралды 25 М.
Will the SBA eventually forgive EIDL loans? October 25, 2023
7:39
Jason Milleisen
Рет қаралды 10 М.
SBA EIDL Hardship and Forgiveness Update. June 17, 2024
2:37
Jason Milleisen
Рет қаралды 8 М.
New SBA EIDL Dispute Form for Treasury
5:40
Skip
Рет қаралды 58 М.
Massive Changes to the SBA 7a loan program in 2023
12:19
SBA Ray
Рет қаралды 13 М.
Or is Harriet Quinn good? #cosplay#joker #Harriet Quinn
00:20
佐助与鸣人
Рет қаралды 50 МЛН