He was in one of the cities that got hit very hard,Īnd there was no chance that he was gonna be able to pay back that money. These businesses who took EIDL loans were going to close, just like I had aįriend who had a pizzeria. I believe it was 30 years and this was a greatīut ultimately, and I think the SBA knew this, a lot of The whole idea behind them was they were gonna be paid back over anĮxtremely long period of time.
#Sba loans 2022 free#
Now, with the EIDL loans, they were not presented as free If people used the money correctly, that the business owners were not going to Were intended to be 100% forgivable, which is good. The interesting thing about the PPP loans was that they Through the EIDL, which were economic injury, disaster loans. Paycheck protection program, otherwise known as PPP. They did it in the form of two main programs. Them and to their credit, that’s what they did. So the only way that these businesses were going to beĪble to get by would be if the government actually covered the payments for That was related to office work, like cleaners or selling supplies was justĬompletely decimated. There were so many restaurants that were operating at a There are so many businesses, especially retailers, whoĬould not operate. It’s really the only solution that was viable.
And guess what? They literally paid SBA loans in some cases When the pandemic started, I actually said to people that Iĭidn’t see how businesses were gonna survive unless the government literally As far as the SBA is concerned, as everybody knows over the past couple of years, free money has been flowing like crazy. And I think it’s time to talk about the state of the union. More on that here and a Youtube video on it here. The most recent development as of April 2023 is that, after following up for months, the SBA sent me the Offer in Compromise application and checklist. I’ve been helping SBA borrowers through difficult situations since 2009.
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