What Happens If You Can't Pay Back your EIDL or PPP Loan?

The first part of this video talks about what to do if you cannot pay pay your EIDL loan or your PPP loan. While most PPP loans should be forgiven, in some cases, they may not be, and you'll have to understand what happens.

This is more relevant for EIDL loans, since this program has been around for a while, and it is an actual loan, not a forgivable loan. For amounts over $25,000 you should understand if you will have any personal liability. In the video I go over some of the things to keep in mind and what some of the rules are.

DISCLAIMER
❎I am not a CPA, attorney, insurance, contractor, lender, or financial advisor. The content in these videos shall not be construed as tax, legal, insurance, construction, engineering, health & safety, electrical, financial advice, or other and may be outdated or inaccurate; it is your responsibility to verify all information yourself. This is a Youtube video for entertainment purposes ONLY. If you need advice, please contact a qualified CPA, attorney, insurance agent, contractor/electrician/engineer/etc. financial advisor, or the appropriate professional for the subject you would like help with.

[robynj]

How can the SBA report to your personal credit when the Corp. has its own EIN & there is no personal guarantee. Loan was less than $25k.

[bosshog]

Yes this has been one of my main concerns

[kespyon]

I got EIDL Loan of $108, 000. I can survive the business about 6 month with this loan amount. If i have to close the business after 6 month because there is no business, do i have to payback the loan? If the answer is Yes, I have to pay back the loan, however I cant pay back the loan, what will happen to me? Thank you so much for your feedback.

[schipa]

I think you mean that if a sole proprietor with a small EIDL loan does not pay it back then the money can be taken from their Social Security ( you mention federal held funds like tax refunds)?

[stephaniecolunga]

Our business got an EIDL for 76k. Our business had to close and we paid back all but 12k of the EIDL. Is there a chance that the SBA would consider this being a loan below 25k?

[murdochmystery]

Can u help with eidl I have one for around 25, 000 and I had to close sole prop?

[sultanalawar]

What happens if i spend my eidl loan amount 25000 on other of my business and still willing to pay the whole amount ?

[rafihassan]

Does besuniess have to pay back later on the ppp loan

[anavillanueva]

I got 1k in my account today. How do I know its a loan or grant?

[titsmcghee]

So do I have to payback the 1k grant? I declined the loan they proposed to me

[azaleablue]

Reopen Safely is a crock. REOPEN NO RESTRICTIONS if you are sick stay home. If you are scared stay home. This shit is just stupid. I applied for eidl and got nothing.

[ameliaedwards]

How do I know if back in June 2020, we received an IEDL loan or advance? The amount we received was under $4K and after I called them today they sent me an email on how to repay. The issue is we cannot repay it. What should we do?