Navigating SBA EIDL Loan Default: Answers to the 20 Most Asked Questions
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April 2023 Update: The SBA recently sent me the checklist and application for Offer in Compromise for EIDL loans. While we don't know yet how accomodating they'll be, it's a step in the right direction. The PDF files include copies of the application and EIDL OIC checklist.
Hi, my name is Jason Milleisen, founder of Distressed Loan Advisors (wwww.JasonTees.com). Since 2009, I've operated a consulting firm that exclusively assists SBA loan borrowers when they're struggling. Since the payment-free deferment period expired in 2022, I've been inundated with questions from EIDL loan borrowers (see below).
My 30-minute 1-on-1 "Case Evaluation" for $250 has been immensely popular. After doing 100's of these case evaluations, I realized that I tend to get the same questions about EIDL loans over and over. So rather than charge $250 for 30 minutes with me, I created this 90-minute audio course that you can keep and refer back to.
You've got questions about your SBA EIDL loan, and I've got answers. When you purchase this product, you will get:
- 90+ minutes of audio downloadable MP3 files covering the 20 questions that borrowers most want to know about EIDL loans.
- 36-Page PDF Reference Guide and Supporting Documents including SBA contact info, how to apply for hardship deferment, samples of the loan documents (and what you need to know about them), and more...
Questions Answered Via Audio Recording:
1) What is a Personal Guarantee, did I grant a personal guarantee, and what are the implications? (30 mins, 52 seconds)
2) Are EIDL loans forgivable? (4 mins, 23 seconds)
3) What is the process of applying for an EIDL hardship deferment? (3 mins, 39 seconds)
4) Can I go to jail if I don’t repay my SBA EIDL loan? (2 mins, 37 seconds)
5) Will the SBA force my business to close? (4 mins, 18 seconds)
6) What collateral did I pledge? (4 mins, 52 seconds)
7) Is Bankruptcy an option? (5 mins, 23 seconds)
8) Can I sell my business if I have an SBA EIDL loan? (4 mins, 2 seconds)
9) Will SBA restructure my loan? (2 mins, 20 seconds)
10) Can I pay down my EIDL to less than $200K to void the personal guarantee? (1 min, 43)
11) Should I close my business? (4 mins, 27 seconds)
12) Should I focus on my regular SBA loan or my SBA EIDL loan? (2 mins, 4 seconds)
13) What are steps if my business closes but no personally guarantee? (2 mins, 49 seconds)
14) Can I sell my business and transfer the EIDL loan or personal guarantee? (3 mins, 3 sec)
15) Can I settle my EIDL loan if I offer them cash today? (2 mins, 45 seconds)
16) Will an EIDL loan be on my personal credit? (2 mins, 46 seconds)
17) Are there any benefits to selling my business? (3 mins, 8 seconds)
18) What if I get a 1099 from the SBA? (2 mins, 32 seconds)
19) What if I didn’t take the EIDL through a separate legal entity? (1 minute)
20) What happens if my loan is referred to the US Treasury Department? (4 mins, 45 seconds)
BONUS: I cannot afford my personally guaranteed EIDL loan. What should I do? (5 minutes, 35 seconds)
About Jason Milleisen, Founder of Distressed Loan Advisors
Jason Milleisen is a former Vice President for one of the country’s largest SBA lenders, and has experience with all types of loans and businesses, from $5,000 unsecured lines of credit all the way up to $1 Billion large corporate syndications. He has 20+ years of commercial loan experience, and was credit trained at the 2nd largest financial institution in the world. His mission as a small business consultant is to help small businesses to achieve their goals, and when things go wrong, be there to help resolve the issues.
Jason graduate magna cum laude from St. Bonaventure University with a degree in finance, and a secondary concentration in accounting. In addition to his academic achievements, Jason was named a 1st team selection on the 2000 Division I GTE Academic-All America Baseball team, an honor reserved for only 11 Division I baseball players.
In his capacity as an SBA workout specialist for one of the largest SBA lenders, Jason oversaw a team that handled a delinquent SBA loan portfolio in excess of $400,000,000. Jason worked directly with business owners and the SBA to settle numerous personal guarantees. Simply put, Jason has been here before, and has pretty much seen it all. Jason knows how banks think, and knows how to devise a strategy to leave you and your business in the best possible financial position.
In addition to his corporate experience, Jason has been involved in a number in entrepreneurial ventures (some successful, some not), so when you work with DLA, you are working with someone who has walked a mile in your shoes.
Hi, my name is Jason Milleisen, founder of Distressed Loan Advisors (wwww.JasonTees.com). Since 2009, I've operated a consulting firm that exclusively assists SBA loan borrowers when they're struggling. Since the payment-free deferment period expired in 2022, I've been inundated with questions from EIDL loan borrowers (see below).
My 30-minute 1-on-1 "Case Evaluation" for $250 has been immensely popular. After doing 100's of these case evaluations, I realized that I tend to get the same questions about EIDL loans over and over. So rather than charge $250 for 30 minutes with me, I created this 90-minute audio course that you can keep and refer back to.
You've got questions about your SBA EIDL loan, and I've got answers. When you purchase this product, you will get:
- 90+ minutes of audio downloadable MP3 files covering the 20 questions that borrowers most want to know about EIDL loans.
- 36-Page PDF Reference Guide and Supporting Documents including SBA contact info, how to apply for hardship deferment, samples of the loan documents (and what you need to know about them), and more...
Questions Answered Via Audio Recording:
1) What is a Personal Guarantee, did I grant a personal guarantee, and what are the implications? (30 mins, 52 seconds)
2) Are EIDL loans forgivable? (4 mins, 23 seconds)
3) What is the process of applying for an EIDL hardship deferment? (3 mins, 39 seconds)
4) Can I go to jail if I don’t repay my SBA EIDL loan? (2 mins, 37 seconds)
5) Will the SBA force my business to close? (4 mins, 18 seconds)
6) What collateral did I pledge? (4 mins, 52 seconds)
7) Is Bankruptcy an option? (5 mins, 23 seconds)
8) Can I sell my business if I have an SBA EIDL loan? (4 mins, 2 seconds)
9) Will SBA restructure my loan? (2 mins, 20 seconds)
10) Can I pay down my EIDL to less than $200K to void the personal guarantee? (1 min, 43)
11) Should I close my business? (4 mins, 27 seconds)
12) Should I focus on my regular SBA loan or my SBA EIDL loan? (2 mins, 4 seconds)
13) What are steps if my business closes but no personally guarantee? (2 mins, 49 seconds)
14) Can I sell my business and transfer the EIDL loan or personal guarantee? (3 mins, 3 sec)
15) Can I settle my EIDL loan if I offer them cash today? (2 mins, 45 seconds)
16) Will an EIDL loan be on my personal credit? (2 mins, 46 seconds)
17) Are there any benefits to selling my business? (3 mins, 8 seconds)
18) What if I get a 1099 from the SBA? (2 mins, 32 seconds)
19) What if I didn’t take the EIDL through a separate legal entity? (1 minute)
20) What happens if my loan is referred to the US Treasury Department? (4 mins, 45 seconds)
BONUS: I cannot afford my personally guaranteed EIDL loan. What should I do? (5 minutes, 35 seconds)
About Jason Milleisen, Founder of Distressed Loan Advisors
Jason Milleisen is a former Vice President for one of the country’s largest SBA lenders, and has experience with all types of loans and businesses, from $5,000 unsecured lines of credit all the way up to $1 Billion large corporate syndications. He has 20+ years of commercial loan experience, and was credit trained at the 2nd largest financial institution in the world. His mission as a small business consultant is to help small businesses to achieve their goals, and when things go wrong, be there to help resolve the issues.
Jason graduate magna cum laude from St. Bonaventure University with a degree in finance, and a secondary concentration in accounting. In addition to his academic achievements, Jason was named a 1st team selection on the 2000 Division I GTE Academic-All America Baseball team, an honor reserved for only 11 Division I baseball players.
In his capacity as an SBA workout specialist for one of the largest SBA lenders, Jason oversaw a team that handled a delinquent SBA loan portfolio in excess of $400,000,000. Jason worked directly with business owners and the SBA to settle numerous personal guarantees. Simply put, Jason has been here before, and has pretty much seen it all. Jason knows how banks think, and knows how to devise a strategy to leave you and your business in the best possible financial position.
In addition to his corporate experience, Jason has been involved in a number in entrepreneurial ventures (some successful, some not), so when you work with DLA, you are working with someone who has walked a mile in your shoes.