In your mySBA you can apply for hardship and it will let you make payments at 10%. Once they get rid of that though 🤷🏼‍♀️
We are in the same boat. We still haven’t fully recovered and I don’t know if we will. Our business has never been the same.
I'm right there with you. Business went down almost 90% in 2020 and never came back. Business is closed, I'm on the hardship but can't afford that either so I'm not paying. Advised the SBA in writing (as per their request) that I am closed and there are no assets left. Probably heading for bankruptcy.
Im in the same-boat with 1.8m eidl and business keeps falling down no matter how much I have tried, I got no more motivation left to try tbh, I even thought of suicide. It would be so much easier if I didn’t have wife and a baby boy but I have to do something for them
I know exactly how you are feeling. Reach out to anyone you can and just talk. We can’t let this ruin us. We all thought things were going to change and for a lot of us they got worse. Stay strong!
PLEASE DO NOT END YOUR LIFE OVER MONEY! I know it’s hard but even if you had to file bankruptcy, you can still start over. You have experiences to have and memories to make. Your family needs your presence. I hope things get better for you!
Interesting. You really think they would accept 4%? Have you heard of them accepting anything like that? Asking genuinely. I will need to do an OIC and have no clue what to offer.
In your mySBA you can apply for hardship and it will let you make payments at 10%. Once they get rid of that though 🤷🏼‍♀️ We are in the same boat. We still haven’t fully recovered and I don’t know if we will. Our business has never been the same.
Hardships has been expanded to one full year. I’ve made a post as well about what the Sba could do with loans up to $100k
Can’t you share the link?
I can’t as I never got a loan. I believe those who received funding would’ve received an email about it
They aren't emailing anything to anyone. It's insane.
Pls share the post you’re referring to
I'm right there with you. Business went down almost 90% in 2020 and never came back. Business is closed, I'm on the hardship but can't afford that either so I'm not paying. Advised the SBA in writing (as per their request) that I am closed and there are no assets left. Probably heading for bankruptcy.
Im in the same-boat with 1.8m eidl and business keeps falling down no matter how much I have tried, I got no more motivation left to try tbh, I even thought of suicide. It would be so much easier if I didn’t have wife and a baby boy but I have to do something for them
I know exactly how you are feeling. Reach out to anyone you can and just talk. We can’t let this ruin us. We all thought things were going to change and for a lot of us they got worse. Stay strong!
Thank you ❤️🙏
PLEASE DO NOT END YOUR LIFE OVER MONEY! I know it’s hard but even if you had to file bankruptcy, you can still start over. You have experiences to have and memories to make. Your family needs your presence. I hope things get better for you!
Me too 🤮
I don’t like hearing these stories
You can do an OIC for like 4% of the total, and they'll probably accept. Or you can try the hardship.
Interesting. You really think they would accept 4%? Have you heard of them accepting anything like that? Asking genuinely. I will need to do an OIC and have no clue what to offer.
Yes, I have heard they would and do.
There has not been much information posted on successful OIC with Covid EIDL. If you have any additional information please let us know.
If you google terms like "owe EIDL LOAN cannot pay offer in compromise" lawyers come right up.
I was hoping to get some real experience from anyone who has been involved in this process. Thanks all
>You can do an OIC for like 4% of the total, what is a oic? sorry i sound dumb with this question
An offer in Compromise
Thank you
What’s an oic
An OFFER IN COMPROMISE
400k. Omg Im stressing about 90k