Stop 🛑 Paying for SBA EIDL Loans. 

Thanks for your question. I always say these types of tax questions should be answered by a licensed CPA or tax strategist. I have never heard of a disaster loan being passed to the IRS and this is considered a disaster loan but again before making any major decisions consult with folks who have this type of expertise…hopes this helps ☺️

@@Iamqroland It does- thank you so much!! 😊

The irs will soon be dissolved when Trump returns. All debts will be wiped out when the dollar collapses. They forced us to get these criminal loans against our will with the covid lockdowns and they printed the money out of thin air. The money is not worth anything since is not backed by anything. We will soon go back to a gold standard when the new treasury notes are revealed. The swamp in DC will all go to prison.

@@Iamqrolandif you’re a sole proprietor- it follows you even if you close the business they can still go sue you and they can ruin your credit. This is very in accurate and irresponsible information you are providing.

I just filed chapter 7 on mine

Thank you for saying that! I truly appreciate ❤️❤️

My pleasure ☺️

I’m so sorry this happened to you! I know this is difficult. When you received over $200k you signed to be a personal guarantee and your assets were considered for the loan. I would consult a licensed attorney to see what options they can negotiate for you. I would also reach out to SBA and find out what options they may have available to you.

@@Iamqroland thanks for taking the time to respond. Have a good day.

Of course my pleasure ☺️

I’m not sure because I don’t know how you applied or if it’s in your personal name or business etc you said a lot here and so I would need to dissect step by step

No creditor can ever make that a stipulation life controls circumstances so no there were stipulations to qualify but not that one.

They don’t send monthly notices if you don’t request they put you on email automatically I found out from calling SBA previously and on your account there is a link to ask if you want paper statements and if you go on SBA they have it clearly stated there is no loan forgiveness. You may have received a forgiveness for a PPP those were applied for thru the bank. EIDL was applied on SBA website

My pleasure 😊

it is terribly inaccurate information

Sorry this is NOT correct! It will never be considered income. When it is considered income you are told upon receipt of monies. Also the SBA is NOT referring to the IRS please do the proper research before giving advice particularly on my page

@@Iamqroland Wrong. You received loan proceeds which is intended to be repaid. Monies received. SBA is a lender, you are a debtor. Any time time debt is cancelled by a lender it automatically becomes income to the debtor. In the event the SBA agrees to cancel debt, they will issues a 1099-C, a copy of which is sent to IRS and reportable as income to the debtor. If you have documentation from the SBA to show otherwise, please post.

@@OperationsMgr you're 100% correct, and no one talks about this.

Glad it was helpful!

It is so incorrect. You are not forgiven the loan just because your business closes.

I’m not sure what source of income the EIDL was issued to. You named a few different jobs. Sole proprietor will be collected on personally. If you have more questions you can book a Q&A session on my website. www.queroland.com

If it’s in a personal name the SBA can still come for the money personally. You can do a Q&A strategy session with me to get all the details. Because if it’s in your wife name how did you sell? I have many questions and I won’t be able to sort it out on comments. www.queroland.com

@@Iamqroland The loan was against the LLC but my wife had to sign and give her SS#.

Thank you Happy to Share ❤️❤️❤️

The SBA has hardship programs now available you can a 6 month deferment

Sorry I missed your comment the same rules apply as to a For profit company @erikarmccall

Yes there’s another way to do it

@@richardsthomas2627 I would certainly be interested in learning how. Could you elaborate a bit more?

Hi there you can possibly qualify for a hardship but I would need more details to know what you actually could do you can schedule time with me on my website www.queroland.com

@@Iamqroland Thanks for the reply. Will do that.

How about if my loan is $500,000

You can request an accommodation for now and see if your situation improves

You must have gotten an EIDL at some point or If didn’t I would check on it to make sure someone did not use your info I have heard of that happening many times it was a lot fraud happening during that time if you have more detailed questions feel free to sign up for a session with me ☺️ Good Luck

The SBA acts as any other creditor so if you applied under your social security yes they can.

You won’t be able to buy a loaf of bread if you default 🍞

Yes they can

I’m not sure why you would be receiving late notices if you are under a deferment. You can call them directly and ask about that in particular. If you decide to stop paying they. Can definitely pursue it and be sure if you make that decision because you probably won’t be able to get any additional loans but you should call them and advise if your status.

You can apply for a hardship and depending how much you borrowed and how would dictate the rest. I do want to say if this is the route you take you won’t be able to get any more federal funds just keep that In mind.

I never advise bankruptcy prior to speaking to a bankruptcy attorney and most federal debts cannot be discharged

Hi there and thanks for the question. As a sole proprietor there are really no protections because the agreement was between you and the SBA unlike with a business whereas the agreement is between the business & the SBA. I don’t know much that you can do outside of asking if there any exceptions. I always advise to use a business rather than yourself in ALL transactions. There is no benefit of being a sole proprietor. I would switch to an LLC going forward ☺️ I hope this helps

Charged off means the debt has been written off because they don’t think they will be able to collect.

@@Iamqroland it still doesn’t mean you’re off the hook they could sell it to a private company who will be after you plus they could run your credit.

No it will not prevent you from opening new business it will affect receiving federal funds however

This depends who the payer was paying to. Type of entity etc. If you have specific questions to your situation I would suggest scheduling a Q&A on my website. It’s many factors to consider www.queroland.com. Thanks for the questions ❤❤

I just need to know what form I need to fill out to let them know I’m unable to make that payment .@@Iamqroland

Absolutely I just can’t understand why they (govt) won’t just say it 🙄

​@@Iamqroland because all they do is lie.

@@Iamqrolandthats not our government. They are terrorists who hijacked our government.

But somehow you watched as well. You are unaware of any of my credentials and I often say to check with your accountant or cpa before making any major decisions. There are all kinds of experts on RU-vid wanting to help those who don’t know where to start or who to ask. If you don’t like the information on my page it’s not required to watch. I am a experienced business coach, well educated and continue to educate soooo…Best…

@@Iamqroland but you are clearly wrong in this and you failed to do even the most basic homework about this before you put it on RU-vid and mislead people to doing something very irresponsible. you need to research this topic and take this RU-vid down or change it . 100% if you are sole p you cannot just close your business and have the debt go away it follows your Social Security because you are so proprietor, and not protected as corporation that shielded. this is not hard to research even just online incredible sites of law. or accounting firms. or even news media

@klle3419 I NEVER said that what I said is that with a sole proprietor that there is NEVER any benefit which I have said in EACH video. It is directly attached to your social security # there is NO way to escape that. What I said is LLC and Inc companies are getting away with it because there was NO personal guarantee. Rewatch and please if you don’t agree that’s fine…but I DO KNOW THE DIFFERENCE and I even posted the SBA report that says they are NOT turning over to the treasury but this is the last comment I’m going to respond to because either you misheard or misunderstood. I have had many coaching sessions with ppl who received an EIDL as a sole proprietor and I have advised that unfortunately they can always collect on these loans but read the report where it’s clearly says SBA IS NOT INVESTING in collection despite the inspector general not agreeing saying sole proprietors have mislead the American ppl and want the SBA to pursue them and they are not at this time beyond regular collection and most of the defaulted loans are sole proprietor and more than half are in default…I definitely have done my research and last most of the sole proprietor loans have been charged off read the report I posted the link in another video

I need more details on what information you provided when you applied. It’s hard for me to say by what you have provided. You can always setup a session on my website if you have more in-depth questions www.queroland.com

For any amount of EIDL we had to to give them the company info plus our names and SSN.

Yes As with most loans however the personal guarantee was not applied on many of these loans

Thank you for your videos and Great info. Absolutely, there was no personal guarantee, the only thing they can do is report it to the credit bureaus.

Your not telling people how to do it

Same

Are you referring to being a sub contractor? If this is what you are referring to and you were getting paid as an individual (which I NEVER recommend) this is different. The rules are different here. This is for use specific if you received EIDL using a business name and EIN. If you have specific questions to your circumstances you can schedule a strategy session. I hope the answer I have provided helps but I do need more info. www.queroland.com

You said it and currently if you read the report posted in my other video you will see the SBA is not referring to the treasury

Many have and it works but this is just to prove your company is no longer operating and if it’s a business EIDL that is who owns the debt

Ok, thanks! I spoke to an EIDL operator and she said it doesn't matter if the business is closed. The loan still have to be paid!!

Ha…I wouldn’t say screwed but if the loan was over that amount then the loan had a personal guarantee attached and assets were considered. So if the SBA can’t collect from the business they can attempt to collect directly from the signer

@@Iamqroland so one would have to get rid of EVERYTHING in their name?? Gotcha’ 👍🏾

Here is the link on hardship accommodation if it’s not answered here you can call SBA :www.sba.gov/funding-programs/loans/covid-19-relief-options/covid-19-economic-injury-disaster-loan/manage-your-eidl#:~:text=SBA%20is%20offering%20a%20Hardship,renew%20after%20the%20plan%20concludes.

If the loan is over you signed as a personal guarantee and/or your assets were considered in funding the loan they can collect in many ways

@@Iamqroland I honestly cannot pay what do you suggest

I don’t fully understand what’s being asked.

@@Iamqroland Everything under $200K is not personally guaranteed, in my portal loans are now charged off (Under $20K) Received letter saying accounts being transferred to Treasury. If Charged off will they still try to collect or put on personal credit (if you know)?

Sorry for the late reply as far as I know they will still try to attempt to collect from your business as long as the loan was funded to your business

A charge off is not debt forgiven.

A charge off simply means it has been written off as bad debt by the company. It can still be sold etc to another agency for collection so no it is not debt forgiveness

Hi thanks for the question. I would need to know more but sole proprietor do have a personal guarantee

The amount is not a factor

Hi Diamond if you need a hardship allowance you go to SBA.GOV to get that info. There are a number of steps if attempting to not repay.

Diamond there isn’t a form but here is the link to get a 6 month deferment the document with the info is called SBA procedural form once you get to this form after going to the link the doc has a link to start the process : www.sba.gov/document/procedural-notice-5000-830558-additional-6-month-deferment-sba-covid-19-economic-injury-disaster-loans

Well we all know someone who lied when all this was happening however now everyone was lying. There are legitimate ppl struggling to stay afloat

@MoM On Demand 99.9 % did stay afloat. They weren't doing good before covid and never had a business

Really not my job to care about that part. My job as a coach is to problem solve and provide ppl with tips for maintaining and scaling their business. I keep my personal feelings out of business. You are definitely entitled to your opinion and I respect that I’m just not on here to judge ppl or their decisions

@MoM On Demand it is called payroll protection plan, not pay yourself and then buy things besides the lost wages of your invisible employees

The magic # is $200k

Hi I don’t know about individual SBA loans for other disasters they all have their own rules

@@Iamqroland I was raised in Michigan moved to Arizona in 82 what part of Michigan are you in? I lived Detroit and Redford Township!

I’m in Metro Detroit 😊 Hi neighbor 👋🏾

@@Iamqroland I miss all the things I did while growing up there...places and site seeing ....sure would love some Faygo rock n rye, Strohs Ice cream..good ole days

Yeah those things are definitely classics I still eat the ice cream not much of a faygo drinker tho but I miss a lot of what old Detroit was

I agree in part. The problem is a lot of businesses are not thriving so not all are running away some just really have an inability to pay so if there is someone like that out there the SBA has options available thank you for your comment.

@@Iamqroland mine also suffered. I never got PPP because my bank regions ran the bigger loans first. And messed up mine last day. I never got a grant. Cant find any that are not targeted to a certain race or sex. Discrimination anywhere else but hey. What to say. I was denied EIDL because of credit. Then two years later got through on reconsideration. Not enough to save my business. I own a direct wholesale company. That had face masks when no one did. And saved myself by selling them to 100 Stores over and over. That faded. My loan was small. Not do yet. I own my loan and never thought about trying to not pay it. Because no matter what I do. If I don’t. I will never run a company again. They have my social security number and major banks. There isn’t really a way to start anything or collect taxes later on a job. They will get their money. Some think this whole thing was a set up. Inflation also. To own all our businesses. Millions of new businesses. Everyone trying to make money not spend. Half the workers went to starting LLCs. With no experience or backup plans. And or no business at all. To only get special grants for race or sex only. They still are obligated to the loans. Of course I wish I didn’t owe. But I wish for more of a loan than to not pay back the small one. That was two years too late. You definitely are a help to most. Who didn’t know until you did. And shared to them. Be careful with anything ran by the government. They don’t miss a beat. And they know where the money went. They will get it back one way or through our grandchildren.

Thank you for sharing and not sure who the money you are Referring to that’s available because I don’t know anyone getting any. If your business is properly structured when your business dies so does the debt no creditor can collect from something that no longer exist

@@Iamqroland I am in Mortgage Finance. It is bloody and it has been after 1.5 yrs and rate is still going up. I cannot breathe and I am drowning, but yet, I cannot have bad credit b/c I cannot work in that profession if my credit score goes down.

Is your concern from the EIDL?

I would recommend my website www.queroland.com you can send a request there or you can sign up for a Q&A session