# SBA still handing out EIDL money



## _Tron_ (Feb 9, 2020)

Got an email from the SBA a few weeks ago regarding application to increase my existing EIDL loan. I've actually been trying for almost a year to get the original amount forgiven. Did not get anywhere in that regard. Ended up speaking to someone at SBA (short time on hold) and they indicated that no loan forgiveness in place at this time, although the topic is still being discussed.

So short of forgiveness I went ahead and applied for an increase. The terms are favorable and there is a place for the funds to enhance my business use of the money.


----------



## ANThonyBoreDaneCook (Oct 7, 2019)

_Tron_ said:


> Ended up speaking to someone at SBA (short time on hold) and they indicated that no loan forgiveness in place at this time, although the topic is still being discussed.


Are you sure you weren't confusing this with PPP? 
EIDL forgiveness was never on the table. Some of us were dreaming of it, perhaps the dems offering it for votes out of desperation, but it was never a true reality.

So you're saying you spoke to an SBA rep and they indicated that EIDL loan forgiveness is being discussed?


----------



## Angela Cheeseman (Mar 22, 2018)

i believe if it was all work related costs, it could be forgiven.


----------



## New2This (Dec 27, 2015)

PPP was forgiveable by a VERY easy process, and was designed to be forgiven.

EIDL is totally different. Was designed to be paid back over 30 years, not forgiven. 

Given the numbers of Uber/Lyft drivers that got EIDL and the amounts some got (and they just kicked payment start date down the road another 6 months) the amount of defaults will be so high that they may just say "**** it they're forgiven" and be done with it.


----------



## _Tron_ (Feb 9, 2020)

ANThonyBoreDaneCook said:


> Are you sure you weren't confusing this with PPP?
> EIDL forgiveness was never on the table. Some of us were dreaming of it, perhaps the dems offering it for votes out of desperation, but it was never a true reality.
> So you're saying you spoke to an SBA rep and they indicated that EIDL loan forgiveness is being discussed?


Not confused with PPP. I was approved for PPP but never took it due to possible conflict with Unemployment payments. This is EIDL.

But, I was_ partially_ mistaken about loan forgiveness. You made me look at my old emails from SBA. Last year I was going for an increase. It never went through, and it took so long that I mis-recalled it as forgiveness. Having said that, the agent I spoke with did indicate that forgiveness was something being discussed in his department, but that there was nothing to report beyond that. Sorry for any confusion.

And of course now SBA seems to be offering increases. I did get an approval to go from 12.9K to 25K today.



Angela Cheeseman said:


> i believe if it was all work related costs, it could be forgiven.


That is definitely PPP.


----------



## ANThonyBoreDaneCook (Oct 7, 2019)

_Tron_ said:


> And of course now SBA seems to be offering increases. I did get an approval to go from 12.9K to 25K today.


So you can request an increase for a specific amount in order to keep it under $25k?
Can you describe the process? I was curious about this. Is it instant like the original loan or is it a lengthy process?

I'm no economist, but clearly that 25k will be worth 12k in 15 years soooo may as well take it right?


----------



## _Tron_ (Feb 9, 2020)

ANThonyBoreDaneCook said:


> So you can request an increase for a specific amount in order to keep it under $25k?
> Can you describe the process? I was curious about this. Is it instant like the original loan or is it a lengthy process?
> 
> I'm no economist, but clearly that 25k will be worth 12k in 15 years soooo may as well take it right?


Basically, I got an email on the 8th of this month inviting me to apply for an increase. I responded, so it took about three weeks. No new application. They worked with the same info they already had. I just had to respond to a few emails along the way, and sign the approvals.

I did not ask for a specific amount of increase! They took me to 25K on their own. Never was I asked for what amount I wanted.

If you didn't get one of these emails keep in mind that I tried many times last year and they never responded. I applied for an increase then. So you may want to search on applying for an increase to get started.


----------



## _Tron_ (Feb 9, 2020)

Oh. Does New2This love you? He knows you're a dude, right? And a dead dude at that.


----------



## _Tron_ (Feb 9, 2020)

ANThonyBoreDaneCook said:


> I'm no economist, but clearly that 25k will be worth 12k in 15 years soooo may as well take it right?


That was my thinking.


----------



## New2This (Dec 27, 2015)

_Tron_ said:


> Oh. Does New2This love you? He knows you're a dude, right? And a dead dude at that.


I loved this statement:



ANThonyBoreDaneCook said:


> I'm no economist, but clearly that 25k will be worth 12k in 15 years soooo may as well take it right?


Max that ***** out


----------



## ANThonyBoreDaneCook (Oct 7, 2019)

_Tron_ said:


> I did not ask for a specific amount of increase! They took me to 25K on their own. Never was I asked for what amount I wanted.


I received the email but if I were to do it, I wouldn't want to cross the $25k threshold. I just wanted some real world experience as apposed to trying to figure out .gov word salad.

I guess I'll just call them and see. Thanks for your input.



_Tron_ said:


> Oh. Does New2This love you? He knows you're a dude, right?


I was going for a fat Dane Cook/Dead Bordain combo


----------



## New2This (Dec 27, 2015)

ANThonyBoreDaneCook said:


> I received the email but if I were to do it, I wouldn't want to cross the $25k threshold. I just wanted some real world experience as apposed to trying to figure out .gov word salad.


I did my initial loan for $24,900.

Got the modification email, did it and didnt have to submit any additional documentation. 

Submitted and got the cash, which if I do have to pay back will be in highly inflated dollars.


----------



## ANThonyBoreDaneCook (Oct 7, 2019)

New2This said:


> I did my initial loan for $24,900.
> 
> Got the modification email, did it and didnt have to submit any additional documentation.


So you accepted the increase and you went over 25K?
I'm confused.

I accepted $20,800 in June 2020


----------



## New2This (Dec 27, 2015)

ANThonyBoreDaneCook said:


> So you accepted the increase and you went over 25K?


Yep


----------



## Stanley B (May 5, 2016)

I took my EIDL loan from $25K to $140K. The terms are insanely good. My advice.....MAX that loan out if you can!


----------



## _Tron_ (Feb 9, 2020)

What did you put up for collateral?


----------



## Stanley B (May 5, 2016)

_Tron_ said:


> What did you put up for collateral?


Nothing! Collateral is really not an issue unless it is over $250K. I just put the EIDL money in savings for now. They didn't value anything I own, and my house is in a high-end area. They did not put a lien against it. And if they do forgive any portion of these like the PPP, then it's a HUGE winner.


----------



## _Tron_ (Feb 9, 2020)

Hmmm. The judges are going to have to call BS on that claim. Although the language is a bit ambiguous, it does seem to indicate some collateral must be pledged.


----------



## Stanley B (May 5, 2016)

_Tron_ said:


> Hmmm. The judges are going to have to call BS on that claim. Although the language is a bit ambiguous, it does seem to indicate some collateral must be pledged.
> View attachment 650666


I could care less if you believe me or not. I thought that too, but as you can see from what you posted from the SBA, lack of collateral is not a reason for decline. And I would not have signed the modification if I had to collaterize the loan with my house.


----------



## bobby747 (Dec 29, 2015)

you borrow edil yo pay all back. if you have business collaterial. if you close they will want the sale of it. your home personal they wont take, but they will your office or shop building..moving forward. these are SBA LOANS. they will not be forgiven , unless the goverment changes the law, do you think brandon will. so many have $1,000,000 loans


----------



## Stanley B (May 5, 2016)

To clarify, if the EIDL loan amount is over $25K, they will file a blanket UCC-1 against all business assets of the borrower (ie: accounts receivable, inventory, etc), and it let's all other potential business lenders know that you have a SBA loan. But it does not put a lien on my house or my retirement account, both of which I put in a trust a few years ago, and would be the only things I have sufficient enough to back this type of loan

Very few Uber drivers would have assets to collaterize this type of loan. It is crazy to me that the SBA would do a loan this size to Uber drivers with really no business assets or really no value to the business. But the UCC is recorded, so I certainly don't expect to get out of paying it back. But the terms are too good to pass up.


----------



## Jimmy44 (Jan 12, 2020)

_Tron_ said:


> Got an email from the SBA a few weeks ago regarding application to increase my existing EIDL loan. I've actually been trying for almost a year to get the original amount forgiven. Did not get anywhere in that regard. Ended up speaking to someone at SBA (short time on hold) and they indicated that no loan forgiveness in place at this time, although the topic is still being discussed.
> 
> So short of forgiveness I went ahead and applied for an increase. The terms are favorable and there is a place for the funds to enhance my business use of the money.
> 
> ...


I got a 1000 dollar grant and 1000 dollar loan.
There has been no attempt by them to have me start making payments.
So I have sent them payments amounting to approximately 350 dollars leaving a 650 dollar balance.
They never send me a receipt etc.


----------



## 58756 (May 30, 2016)

_Tron_ said:


> Got an email from the SBA a few weeks ago regarding application to increase my existing EIDL loan. I've actually been trying for almost a year to get the original amount forgiven. Did not get anywhere in that regard. Ended up speaking to someone at SBA (short time on hold) and they indicated that no loan forgiveness in place at this time, although the topic is still being discussed.
> 
> So short of forgiveness I went ahead and applied for an increase. The terms are favorable and there is a place for the funds to enhance my business use of the money.
> 
> ...


$25k is a juicy amount but crappy part is it's a federal loan and that requires payback.


----------



## Jimmy44 (Jan 12, 2020)

Ozzyoz said:


> $25k is a juicy amount but crappy part is it's a federal loan and that requires payback.


Neither a lender nor borrower be !


----------



## tohunt4me (Nov 23, 2015)

_Tron_ said:


> Got an email from the SBA a few weeks ago regarding application to increase my existing EIDL loan. I've actually been trying for almost a year to get the original amount forgiven. Did not get anywhere in that regard. Ended up speaking to someone at SBA (short time on hold) and they indicated that no loan forgiveness in place at this time, although the topic is still being discussed.
> 
> So short of forgiveness I went ahead and applied for an increase. The terms are favorable and there is a place for the funds to enhance my business use of the money.
> 
> ...


----------



## tohunt4me (Nov 23, 2015)

Ozzyoz said:


> $25k is a juicy amount but crappy part is it's a federal loan and that requires payback.


BORROW IT !

THAT SAME MONEY WILL BE WORTH HALF AS MUCH UNDER ANOTHER YEAR OF BIDEN !

PAY THEM BACK WITH " DEVALUE DOLLARS " !


----------

