What does it mean if your SBA EIDL was Charged Off and referred to the Treasury? February 13, 2024 

made advance hardship payments never late, glitch in portal, now charge off. SBA said would bring back due to an issue with their system. That was 6 months ago, still Charged off. Make a deal with the devil, don't be surprised when you get the horns!

The 3rd hardship is such a disaster with them calling still even when current

If $52 billion has already been charged off, how bad do think all of 2023 combined with 2024 is going to be? Over $100 billion would be 1/3rd of the entire portfolio. At that point, why should anyone make anymore payments?

I personally appreciate your videos much better than those fake RU-vidrs.

Good explanation. Can you make a video on what are the possible scenarios once it goes to Treasury?

What does the treasury do once they receive it from the SBA?

What is the amnesty date in March about?

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?

Does treasury ask for stuff and do you have to respond to treasury? Like tax returns, bank statements, etc

Thank you! Very helpful!

… and then… it’s spins out of control. u said it best. 😂 😭

If the business is officially & properly closed, and you sent in a large lump sum payment prior to closing and it's under $100,000 (not personally responsible), I'm assuming there isn't much the treasury can do.

Do you think if every they come up with amnesty or any amount to write off that us suckers paying on time every month are gonna get screwed?

We were paying 25 usd a month for hardship for 6 months then extended it for 6 more months but for 50 usd. In October it showed we did not make the payment but we had. We called and they said it was a mistake on their part and just keep making the payment because it sometimes takes a while for the portal to catch up. So we continue to pay the 50usd until they sent us an email saying that the hardship was ending in January We made the full payment in February as we were told to do. But we went to pay the payment in March 1 and now it says our loan has been charged off. We did everything we were supposed to do. What can we do now?

thank you

If a loan of 100k or less gets sent to treasury how are they able to come after the owner if it’s an llc and there was no pg.

Government loan sharks …pure evil

The amount we are paying is paying only interest (or less). Can we try to work with the bank instead of the SBA to get the loan forgiven or pay off a part of it to the bank?

what happens if you loan is charged off and then you close your business?

I closed my business in July 2023. I have an EIDL of 100K. I received no notices, no calls after I left messages and sent an email that my business closed (which they have record of). My bank took over all my assests and I am currently filing chapter 13 bankruptcy from my business debt. My loan currently says charged off. What realisitically will happen with my loan?

Does anyone see where on your loan doc. that when in default/ charge off it will be sent to Treasury and a 30% change will be added ? Reply

You can pay the balance. SBA will not loan you anything until you take care of this.

I just want to get rid of my 65k that I have left.....I cant no more.. I didnt even pay this month I just went to get physiatrist help and I was diagnose with depression and now im on medication .... Im to the point I dont care what they do...

What happens if your loan went into default before I made my 1st pmt? I think charge off? I have been making regular monthly payments. I have not been able to log into my sba account to be able to make sure my payments have properly been applied?

What is the "amnesty date" you're referring to?

please what is the trasury will do if you dont have nno business no bank account not working living in apartment my wife pay. rent not me affter i lost my bussiness?

if your sba loan is charged off does tht go against your credit if it a sole proprietorship ?

All these loans charged off. Do we know how many? Because I don't see the treasury being able to actually recover most of these.... Sorta like the student loan disasters ;)