He said COVID "destroyed small businesses".
Hey, at least someone said it. Trump's SBA is still going to give it to us all good and hard, but Rand Paul acknowledging it is just as good as loan forgiveness. Right? Right?
I closed my business back in 2024 and notified the SBA as such. No PG, $130k loan taken out by S-Corp. For a while I was in contact with an SBA agent and provided everything they asked for. Final return, bank statements, inventory list, etc. All communications stopped once Trump took office. I emailed and called a bunch of times for several months after that and then just gave up.
Today I received a letter addressed to the corporate name from a collection agency looking for approximately $182k for the balance due plus penalties and interest.
Has anyone successfully dealt with a collection agency with similar circumstances? Not looking to hear what "should" or "could" happen from people who have not gone through this yet. I know legally how it should play out but looking to hear any real experiences.
Thank you to the mods for giving me permission to post here!
I’m a journalist looking to speak with small business owners who received a PPP or EIDL loan and have since had to deal with repayment challenges, restructuring, or collections. I'm particularly curious to know what it's like to interface with the SBA post-DOGE.
At Inc., I cover the SBA and am currently reporting a story about how artificial intelligence is reshaping the debt collections process--particularly for small business owners who took on pandemic-era loans like PPP or EIDL. Especially since the SBA teamed up with Palantir for this very purpose at the start of the year. But from what I've gathered, there are multiple stories to be told here.
If you're open to speaking with me and being quoted, please fill out this Google Form and I will get in touch: https://docs.google.com/forms/d/e/1FAIpQLSdmgqV72Ub8POowS0XGGJv-b90mV0d2jvhbFeSTJH5p8WOGgQ/viewform
Please share, anyone been successful? This would be a help for a lot of people!
I've submitted a dispute and it's been over 1 month. No response from ANYONE
We have a substantial, EDIL loan with a personal guarantee and UCC 1 lien. We are ready to sell our business and we have a buyer. Proceeds would pay the loan off, but I can’t get a hold of anyone at the SBA to figure out how to proceed. The SBA says we’ve been turned over to treasury but the last notice we got said we had 60 days before being turned over to treasury so it seems that was premature. Any suggestions on how to move forward? We obviously need to have collateral released so we can move forward with the sale.
Family has a disaster loan roughly around $79k. No personal guarantee except the verbiage states something along the lines of whoever signs is liable (my aunt is the owner and signed) but the partnership is the borrower.
With the business closing, how should we approach SBA? We don't have the capability to make any more payments as the business never recovered back to normal levels after COVID. Do we just let it default? Or reach out to SBA for paperwork? Bankruptcy? Not much in assets except a few thousand in account and some desk/pedicure chairs.
If you were in a familiar situation or have any guidance, that would be appreciated!
Has anyone’s bank account got levy after your default account got sent to the treasury with a personal guarantee
The judge/bk court approval ch11 subV a monthly payment of $694 instead of the original amount. SBA hasn't updated the system to reflect the new court issued amount.
Anybody have experience with this or what to do? It's in liquidation disbursed and got a threatening letter mid march that sba demanded $75k to be current.
Once status shows uncollectable what’s usually the timeline before it’s reported to treasury and no going back? I just raised enough money to bring the loan current. It still allows me to click on pay button. But i don’t want to make this payment and still be sent to treasury. Also once you receive your treasury notice what’s been the timeline before it’s reported to credit bureaus. At the moment? Any help would be greatly appreciated.
Is there anyone in this chat that has gone through Appeals and won? Can you share your experience? What they asked? How long you had to wait for a decision? Any information would be helpful