SBA EIDL Ending Collections Update and Clarifications

In this video Ryder talks about the new OIG report on SBA EIDL collections, SBA policy decisions from earlier this year to not actively pursue COVID EIDL collections when loans were under $100k and some of the changes that will now take place, based on the OIG recommendations. This includes annotated information directly from the SBA on EIDL loans and EIDL loan repayment.

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[pmmk]

EIDL should be 100% forgiven regardless of amount, just as PPP was forgiven . Both PPP and EIDL were “pandemic” loans . We all lived under the same pandemic . Why shouldn’t EIDL be treated exactly the same ? It’s a no brainer .

[landcenter]

If they can give all these countries billions of dollars, they should forgive these loans...point blank

[fattyarbuckle]

Great info, Skip! Thank you. I'm currently on hardship payments for 2 loans totaling less than 60k that I used to pay taxes and expenses on rental property that we owned during covid when no one was paying rent but bills kept coming In. Don't even own the Properties anymore and sold them at a loss..but still stuck with EIDL!!!

[CarlaJenkinsTV]

Ryder, you and this channel have kept me in the looop regarding this issue. If the economic hardship is so pervasive regardless of loan bracket, the SBA should just do some type fo workout of plan instead of delinquncy and charge-off. It is not helping the American economy for small businesses to go out of business repaying these loans.

[kristiross]

If the SBA didn't want to put additional hardship on ppl, they would have programs to help ppl repay.

[CarlaJenkinsTV]

7:50 I have a COVID EIDL under $100K and I am not deliquent but the last thing I need is for SBA to sell my loan to a private company. If my loan is originated with the SBA then it should be serviced with the SBA.

[jaycasteel]

They need to forgive 100k and less, end of story!!

[loriparham]

We almost closed, the EIDL helped to get us through to today .we’re 70% of where we were before Covid, we’re acafe in a business park, a lot of ppl work from home. Less customers plus inflation, our profit margin is less than prior yrs. .I make a large monthly payment to SBA that only goes to the past interest since I needed to wait & took advantage of the deferment. I really thought I wasn’t going to make it until 2023. I pay my minimum, and once I made an additional pmt and noted its for principal only. It was $100 extra. I receive a letter saying ZERO EXTRA PAYMENTS WILL BE APPLIED TO THE PRINCIPAL!! They prevent us from getting ahead of the excess interest. basically I feel trapped. I’m a sole Proprietor, it’s attached to me, its a house payment. At 30yrs it will have been paid 2.5x’s & probably take this the rest of my life to pay off. Probably should’ve closed.

[sofiamaslanova]

Mines $150k but signed under an LLC with zero businesse assets left with no personal guarantee. Go ahead and send me to collections there is nothing to collect and I am moving out of the country to leave this nightmare behind. Plus, I don't get tax refunds as a self employed person nor can you garnish my wages lol. So good luck SBA!

[ProNetUSA]

If someone has a EIDL loan of under $200, 000 but more than $100, 000 that is Corporate Debt Only, no personal guarantee, what happens if the company can not pay it's monthly payments?

[tinamwrightbeautybabe]

Thank you for keeping all of Us informed

[mccanniclefailure]

Im so confused. So we do have to or do not have to repay?

[meldelucarivera]

It’s all printed money. They just need to forgive it. A lot of businesses are still trying to recover from 2020. Please come on!!!!

[coronadaking]

I have a non-profit organization I received $100, 00 and I am struggling to personally make every monthly because our organization has no money . This would be helpful for my organization if we don't have any funds to pay back. Thanks for sharing 👍💯💕

[jayray]

Why are they unwilling to eliminate the accrued interest? That’s a killer on my loan. If they eliminate that and brought the interest down to the normal 2 percent they have on all other Non-Covid EIDL loans we would be more able to repay. Meanwhile they are trying every option under the sun to forgive student loans.

[lavolawilliams]

They didn’t give small businesses enough, and then we were thrown into a financial pandemic after Covid! Eggs were 7-8 bucks a dozen!

[sandiegoliving-janfarley]

Agree, they practically shoved the money in our hands but we are still suffering from the covid policies

[yvonnedonaghy]

I think it’s incredible that our country can spend trillions and trillions of dollars saving every other country in the world but we can’t even afford to feed our families and we have to pay loans back that kept our businesses open. Every loan should be forgiven or stop giving all of our money to everyone else.

[erikleifblack]

They have a lot of options that need to be explored. For example, offer in compromise. They'd sell the debt before opening offer in compromise? Maybe they should consider reducing the interest rate instead of hardship payments that just get people into more debt. Small businesses are still suffering and havent come close to recovering. Some real relief is necessary.

[jamesmonter]

I have been paying every month, balance still the same, all interest. Sole proprietor landlord that got screwed with tenants not paying rent for two years. I applied for ERAP the day you could apply and they ran out of money in NY. Absolute Craziness....Since then i have decided to sell all 33 of my properties and head to FLA.