I dont think you addressed whether it is an asset sale or whether it is a stock sale. I want to buy a business as an asset purchase leaving the EIDL with the former owner.
Face painter entertainment business here...made zero 2021 no one will book me no 1 million people events... I have perfect credit, own my own home outright and another as a rental How do I get out of this loan? Do I have to go bankrupt?
What happens to EIDL if you close your business. We took 225k but the business is in loss and kept losing 10 k a month. Now we finished our lease and decided to close. Can we keep paying monthly the EIDL payments and can we sell the equipment? As we have to vacate the premises
You forgot to mention that even if SBA let’s you transfer the loan to new owner when you sell your business, SBA will not let you off the responsibility and will hold you responsible if the new owner defaults on the loan.
Our S Corp took out an EIDL for $120,000 used $60,000. My husband recently passed away and his labor was the source of income for our S Corp. With no future income-what happens now? I have 5% stock ownership in Corp.
Oops! already sold and didn't realize had to contact SBA. The loan is very small $8,400.00. What happens now? haven't started paying any of the loan as it's been extended.
Will EIDL loans be forgiven?
If you sell the business and with the proceeds pay off the loan, can you offset capital gains tax with the eidl loan?
I dont think you addressed whether it is an asset sale or whether it is a stock sale. I want to buy a business as an asset purchase leaving the EIDL with the former owner.
Ever got this answer?
Yes I wonder if I can sell the business but an ASSET sale?
Can I do a “asset” sale if I received a EIDL loan? Not the business (name, dba etc) just asset sale? Thank you in advance!
How does capital gains tax come into play with transphered
what about dissolve the business and transfer real property to another entity?
how do I ask them for permission?
Very clear advice. Can I transfer my EDIL loan to another qualified person and what would the SBA require to approve?
Face painter entertainment business here...made zero 2021 no one will book me no 1 million people events... I have perfect credit, own my own home outright and another as a rental
How do I get out of this loan? Do I have to go bankrupt?
What happens to EIDL if you close your business. We took 225k but the business is in loss and kept losing 10 k a month. Now we finished our lease and decided to close. Can we keep paying monthly the EIDL payments and can we sell the equipment? As we have to vacate the premises
Sba getting my transcripts 2019 with no income because I fill a no-filer form what should i do and my 2019 is processed
You forgot to mention that even if SBA let’s you transfer the loan to new owner when you sell your business, SBA will not let you off the responsibility and will hold you responsible if the new owner defaults on the loan.
Our S Corp took out an EIDL for $120,000 used $60,000. My husband recently passed away and his labor was the source of income for our S Corp. With no future income-what happens now? I have 5% stock ownership in Corp.
Thanks for your important information. I learn something new.
Oops! already sold and didn't realize had to contact SBA. The loan is very small $8,400.00. What happens now? haven't started paying any of the loan as it's been extended.
Your loan amount is too small, SBA do not care if you sell, just make the payment every month and you should be fine.
Thanks for great information.