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Jason Milleisen is the founder of Distressed Loan Advisors. Since 2009, Jason has consulted with with thousands of SBA borrowers, and assisted hundreds more through the SBA Offer in Compromise process.
I feel like they should be forgiven. They forced us to close our doors and the only help they provided was a 30 year loan plus interest. Small businesses are the backbone of America and it seems like a recipe for failure. I would feel differently if we weren’t forced to close for months on end. We send so much money over seas for foreign aid but don’t seem to ever want to help the actual people who pay the taxes.
It’s actually worse. I received a 75 day letter saying they want the full payment of the loan and it accelerated. I made a payment to come back to 60 days overdue. They told me nothing bad will happen as long as I’m not 90 days behind and I read online that the 75 day letter is a warning
@jasonmilleisen5247, SBA is offering COVID EIDL offer in compromises IF you reach out to your Congressmen & they call on your behalf. The SBA will have a more senior official reach out to you via phone, ask some questions, & then email you with the official paperwork.
Even the loans that are under $200k where the shareholders aren’t supposed to be personally responsible? Are they still, also going to treasury offset for their personal taxes, and such? I’ve got clients who are starting to freak out. Talking about draining their retirement accounts and such to pay the loans.
SBA = ILLEGAL CONSIDERATION! Once the public knows this the COMMUNIST TREASURY AND SBA WILL FORGIVE EACH AND EVERY LOAN BECAUSE ITS BASED ON FAKE MONEY!!! Expose these scammers and put them in jail!!! Jason you should know better 😮
Not sure what happened but I called Pioneer Collection and they told me my loan has sent back to the Treasury..... I tried to called Treasury but no one answer my phone yet...
My business closed and my EIDL account was charged off, sent to collections and an additional $100,000 added IN "ADMINISTRATIVE" fees, all the while the SBA is still utilizing the auto draft feature for my original EIDL ACCOUNT. Every month make the automatic payment even though the loan says it was charged OFF. This makes no sense to me but I'm terrified to shut off the auto debit in case they come after my personal assets (S-Corp)
This is super helpful! I owe less than $65k and it has been charged off-I didn't receive any letters or emails. I just logged in and it looks like I can apply for a hardship request. Would you advise making the minimum payment now for the next 6 months or just wait and see what happens?
Will these loans be forgiven at some point? I'm just paying the minimum on mine at the moment. I did the hardship as well. trying to hold out for a loan forgiveness
I heard this message on Friday May 3. I've talked with both SBA and Treasury (amazingly got through at 7:30 am on the dot) neither agent had yet heard of this development. I too recorded the message. So happy to know I'm not crazy! The message appears to refer to all EIDL loans regardless of delinquency time, is this how you understand it?
That's my understanding and unfortunately it's not surprising that it hasn't been communicated to the people who actually work on the front lines at the SBA. This has happened before with other announcements.
Wait, so how does this 2-year deferred referral to the Treasury work exactly? I'm in the middle of my 3rd hardship accommodation plan. If I stop paying because I can't afford it anymore, what are SBA's "early collection methods"? I don't have any collateral as a sole prop besides a used laptop and crappy desk. Are they going to try and take my home? I read SBA 7a loans that default, they won't take your home if the loan amount is at least 75% of your home's fair market value. I'm so confused right now. I'm cool with Treasury taking 15% of W2 income, IRS tax refunds and social security. I'm not cool with SBA taking my home/vehicle or a private collection agency hired by Treasury doing those things.
I was told today, by the SBA, that no matter what (even if loan is under 100k) they can lien and garnish and go after personal assets bc it was borrowed against a personal social security number. Is this true?
I follow your videos, they are very helpful but still I'm very confused as to what to do. Our loan is over $250,000. I got the letter from the Treasury and now I'm getting emails and voicemails from TSI. The email signature is Collection Specialist/Dept of Treasury/Transworld Systems Inc. I'm afraid to call them back. I can't pay now since the business never recovered and is only making about 1/4 of what it used to make. Is this company calling to help or just collect? Do you know anything about them? Thank you for your time.
I got a loan for $20,000 and really can't pay back . I am just a small one man business owner ,and was really hit hard from the covid closers . I have been in business over 50 years, I am 70 years old and going to close my business ,what is the chance that SBA will try to get their money back?
question: during first go of ppp, uber drivers did not qualify. EIDL loans were smaller and uber qualified. why did they forgive the large ppp loans and not eidl?
EIDL loans were never meant to be forgiven and they were pretty clear about that. You could surely debate whether or not some sort of forgiveness makes sense, but they never presented EIDL to be identical to PPP.
