Skip, many of your videos have been very informative. But this video title borders on "click bait", & essentially is void of much, if any, useful EIDL info.
And btw if your an eidl borrower and your worried or stressed out I just wanna say don’t worry. You really think the government is going to try to collect on millions of loans from businesses it will completely bankrupt the US economy and everything will come down like a house of cards. The money they gave was money you deserved to keep the business afloat and it hasn’t even gotten better economically, if anything they need to give another round of EIDL to keep the economy from collapsing.
I assume that the majority of folks on the hardship plan, which I believe you covered prior and is a big number, are no where near hitting principal , and highly doubt it would be anytime soon that happens for those borrowers.
Hi MK47Ultra. I like how you think. They took it out of the treasury only for 2 years. it will go back there? Why do you think it will take a year or so to be forgiven? Thank you.
@@alanpotashnick they can’t just say forgive because the people who paid will get mad and low wage employees who think a couple hundred grand is a lot of money will get mad. They postponed it for 2 whole years. That’s crazy in the repossession loan world. They did that to buy time and slowly after 2 years they will come out with a statement saying oh we are postponing it again in different wording or maybe trump will say to help the business we will forgive them. But either way either party won’t change the fact that if you gave money to busniesses to “help” them because ofcorse they have to give the money. The busniesses are what America is. Without them there is no economy there is no country. And those busniesses can’t pay it back. You can’t expect millions of busniesses to just make another extra 500k specially in this economy in which they have created. Not just you but anyone thinking about this situation just take a step back and look at the whole picture. The treasury collecting on this is going to be a larger nightmare then a certain country in the 1940s trying to round up a certain type of people.
This 'good news' doesn't apply to me yet - still $8,000+ in interest to be paid, with a monthly payment of $612. I DID make the huge mistake of deferring payments, really wish I hadn't.
Why they spend our tax money on wars, immigration, and more, why they don't help small business that we are trying to survive, please help inside the house first... my business is aredy shot down , and still struggling making payments.
@@eyecandylashlounge This is correct. I think the loan amount is 150k? If you are under that, went out of biz, dissolved entity, there is legally no liability on your part. SBA is still hounding me but they have no jurisdiction and they can go away!
I am paying my EIDL loan, but I’m not close to starting paying in principle, I thought interest were getting forgiven. Thank you for the info. I’ll be 90 years old by the time I finish paying 😢
If you do the hardship, does it potentially hurt your standing with the SBA or D&B? I've been praying since 11/22. I've never been late or missed a payment. Yet I get 2 to 3 phone calls a month from companies asking if I would like to take advantage of the hardship opportunity.
My business didn’t survive the financial repercussions of the COVID pandemic and at age 69 I made the decision to finally take my social security retirement benefits and I’ve just been making the required payments on my EIDL loan at a great hardship. Any deferment or hardship options available just increase the balance due by kicking the can down the road. Grants, from what I can see, are for active struggling businesses so I don’t qualify. If Congress doesn’t do something for cases like mine, my loan will probably outlive me and my kids will have to deal with it. It’s a dire situation with no hope or resolution in sight. I did not expect my business to die or I would never have accepted the loan in the first place and just closed up shop. At least bankruptcy would have brought a less painful end to my ordeal but as you know, bankruptcy won’t help with EIDL loans.
I only took the EIDL because I was approved for the RRF and was assured that it would be paid "eventually". My RRF was rescinded and I am stuck with this debt. I would have been able to pay off the EIDL with my RRF
Forgiveness is the biggest thing we need. We were basically cornered into taking out these EIDL loans. Had we been able to operate, we never would of needed them. Forcing us to not operate and then not offering EVERYTHING as a grant is the most ridiculous, selfish thing ever, and yes we agreed to it, because it was either take the loan or close permanently, so we took out the loan. Since then, we still had to close one of our businesses due to lack of financial recovery, and have no way of paying back one of the loans and don't know what to do from here without losing all of our personal assets because we had to personally guarantee the loans.
Forgiveness of this specific loan is the only real path for real help to Americans that were in need of help with this loan!! Unfortunately we don’t have a HUGE lobbying firm on the borrowers side to advocate to congress to make that happen!!
There's been discussions about anything under $100,000 450,000 total forgiveness because it would be it would cost the government more to try to get them back get it back then to just forget it because a lot of them are delinquent and bankruptcy I'm not delinquent I'm just paying of the 10% of what I owe because I can't really afford the $382 a month I'm paying $40 but forgiveness would really help that's my car payment
God Help us All ! extremely extremely difficult . business still not returned to pre covid level. i am in the defense sector . money not available. u would be surprised what I have to take care of
I agree. This “good news” really only applies to a very few of us. Most of us probably still owe more than we borrowed. Skip’s videos can be a good place to read comments from other EDL borrowers.
Great news but Forgiveness is still absolutely neccessary!
Facts
Yep
Definitely‼️
Absolutely necessary!! Period.
Skip, many of your videos have been very informative. But this video title borders on "click bait", & essentially is void of much, if any, useful EIDL info.
We need to be forgiveness.
I would say another bullshit from SBA. Forgiveness is the only solution.
Facts
I thought they were actually writing off the interest. Thank you! Waiting patiently for forgiveness!
I can't pay it back at all. Because I became disabled permanently last year. I hope they forgive our loans.
Keep fighting for us thank you
I thought they were actually writing off the interest.😢
Yeah..I don't understand the point of this video. Your loan is not my loan ;\
I agree! He is talking about a particular loan but nit all so what’s the good news???
Thank you! Waiting patiently for forgiveness!
I'm glad for those people. I haven't been able to keep up with these freaking payments
And btw if your an eidl borrower and your worried or stressed out I just wanna say don’t worry. You really think the government is going to try to collect on millions of loans from businesses it will completely bankrupt the US economy and everything will come down like a house of cards. The money they gave was money you deserved to keep the business afloat and it hasn’t even gotten better economically, if anything they need to give another round of EIDL to keep the economy from collapsing.
👍
RT
Is there going to be another hardship after the 6 months SKIP
From my understanding, you can do another one down the road as long as you current on your payments.
Forgive me or bankrupsy awaits
Keep the payments at 10% or total forgiveness
Hi been a subscribe member since you started and never got approved for any GRANTS 😮
I took the EIDL loan just to get the $10k grant
I did too, and the $10k promised never happen...
Forgiveness or Interest Refund
Thank you for the updates. Hopefully when Trump gets back in, things will change for the good!
Pray for that and what’s right, these extremist weirdos are clearly loosing it
We had to stop payments, now they are calling
Sba don’t call they email sometimes that be scammers
I assume that the majority of folks on the hardship plan, which I believe you covered prior and is a big number, are no where near hitting principal , and highly doubt it would be anytime soon that happens for those borrowers.
They took it out of the treasury, so why even pay it. It will be forgiven in a year or so. Anyone making payments is an idiot
Hi MK47Ultra. I like how you think. They took it out of the treasury only for 2 years. it will go back there? Why do you think it will take a year or so to be forgiven? Thank you.
@@alanpotashnick they can’t just say forgive because the people who paid will get mad and low wage employees who think a couple hundred grand is a lot of money will get mad. They postponed it for 2 whole years. That’s crazy in the repossession loan world. They did that to buy time and slowly after 2 years they will come out with a statement saying oh we are postponing it again in different wording or maybe trump will say to help the business we will forgive them. But either way either party won’t change the fact that if you gave money to busniesses to “help” them because ofcorse they have to give the money. The busniesses are what America is. Without them there is no economy there is no country. And those busniesses can’t pay it back. You can’t expect millions of busniesses to just make another extra 500k specially in this economy in which they have created. Not just you but anyone thinking about this situation just take a step back and look at the whole picture. The treasury collecting on this is going to be a larger nightmare then a certain country in the 1940s trying to round up a certain type of people.
EIDL is not a means of relife, the interest make it more difficult. Anyway keep up the good work.
Hardship is 2 yrs? I thought it was only 6 months.
Apparently you can do the hardship up to 4 times
I really would like to see the total forgiveness of the loan. Thank you for the updates
I took out 72000
I owe now 80000 😬
@@krealtor1 please how can I apply for SBA of 72000 and please send me the link and procedures.thanks
Hi watching the replay thank you so much for sharing keep us informed 🤗😘❤️
This 'good news' doesn't apply to me yet - still $8,000+ in interest to be paid, with a monthly payment of $612. I DID make the huge mistake of deferring payments, really wish I hadn't.
Can you please send the link to apply for payment. Thanks
Skip, what is the Good News, you said go to the SBA website and look up your loan??
@@mickeymouse4351 please give me the link for the SBA application.thanks
Great news but Forgiveness is still absolutely neccessary!
👍
Well I’m being forced to go out of business so although this loan did prolong that now I’m left holding the bag.
😮😢 i’m so sorry . i hope it gets better for u immediately
this video was really wordy, can someone tell me the point?
Why they spend our tax money on wars, immigration, and more, why they don't help small business that we are trying to survive, please help inside the house first... my business is aredy shot down , and still struggling making payments.
They need to at least have forgiveness of 10,000 for everyone! That would help a lot!
Can we still sign that petition. How can we bring this to the attention of other people the petition
My business has just about failed since i took the eidle and i cant repay any advice or options i might have?
What is your loan amount? Was it a secured or unsecured loan? Loan to you or your business entity?
Im in the same boat with you with our business.
My lawyer said b/c my biz closed & I dissolved LLC, no personal guarantee only 50K. No need to file bankruptcy
@@eyecandylashlounge This is correct. I think the loan amount is 150k? If you are under that, went out of biz, dissolved entity, there is legally no liability on your part. SBA is still hounding me but they have no jurisdiction and they can go away!
@@TheSchmuel thank you for responding:)
Where to find the link to sign the petition?
I am paying my EIDL loan, but I’m not close to starting paying in principle, I thought interest were getting forgiven. Thank you for the info. I’ll be 90 years old by the time I finish paying 😢
I’ve been making double payments since Feb 2023 Do you if all those extra payments will automatically be applied towards the principal???
Thank you Ryder
Losing so much money in the last 4 years and never had so much hard time before
you have been great making business stay optimistic
If you do the hardship, does it potentially hurt your standing with the SBA or D&B? I've been praying since 11/22. I've never been late or missed a payment. Yet I get 2 to 3 phone calls a month from companies asking if I would like to take advantage of the hardship opportunity.
Interest on the loan nothing new here, whats the point?
Skip, we love you ! But it looks like you are become same as SBA😂
My business didn’t survive the financial repercussions of the COVID pandemic and at age 69 I made the decision to finally take my social security retirement benefits and I’ve just been making the required payments on my EIDL loan at a great hardship. Any deferment or hardship options available just increase the balance due by kicking the can down the road. Grants, from what I can see, are for active struggling businesses so I don’t qualify. If Congress doesn’t do something for cases like mine, my loan will probably outlive me and my kids will have to deal with it. It’s a dire situation with no hope or resolution in sight. I did not expect my business to die or I would never have accepted the loan in the first place and just closed up shop. At least bankruptcy would have brought a less painful end to my ordeal but as you know, bankruptcy won’t help with EIDL loans.
Not sure What this video is saying.
Grants are 1099 income, you pay tax on a grant
I only took the EIDL because I was approved for the RRF and was assured that it would be paid "eventually". My RRF was rescinded and I am stuck with this debt. I would have been able to pay off the EIDL with my RRF
Can I take a hardship accomodation if I took a loan for $280,000?
Thanks
We need forgiveness skip
Did my research is this grant over with or they doing it again ?
Forgiveness is the biggest thing we need. We were basically cornered into taking out these EIDL loans. Had we been able to operate, we never would of needed them. Forcing us to not operate and then not offering EVERYTHING as a grant is the most ridiculous, selfish thing ever, and yes we agreed to it, because it was either take the loan or close permanently, so we took out the loan. Since then, we still had to close one of our businesses due to lack of financial recovery, and have no way of paying back one of the loans and don't know what to do from here without losing all of our personal assets because we had to personally guarantee the loans.
They can send $175 BILLION to Ukraine but F the small business owners
ACTUALLY, if you do the math, interest rate comes out to around 4.5% if you include daily accrual
Forgiveness of this specific loan is the only real path for real help to Americans that were in need of help with this loan!! Unfortunately we don’t have a HUGE lobbying firm on the borrowers side to advocate to congress to make that happen!!
Do you have a loan for Non-Profit?
Good question thanks for asking.
Forgiveness is needed badly
This is not good news, this is no news and only applies to a very few. I don't see the point in this video.
It’s click bait for sure I’ll most likely unsubscribe
There's been discussions about anything under $100,000 450,000 total forgiveness because it would be it would cost the government more to try to get them back get it back then to just forget it because a lot of them are delinquent and bankruptcy I'm not delinquent I'm just paying of the 10% of what I owe because I can't really afford the $382 a month I'm paying $40 but forgiveness would really help that's my car payment
Yes to forgiveness
Dumb video thanks for getting our hopes up for nothing
Nothing new
BS VIDEO
Hell with em, whole thing based on a scam
FOREGIVENESS, ONLY WAY
Joke
IF they can forgive student loans which had nothing to do with the pandemic they forgive these loans
God Help us All ! extremely extremely difficult . business still not returned to pre covid level. i am in the defense sector . money not available. u would be surprised what I have to take care of
👍🏿
Nothing new…
Why I wasted my time watching this video? ❤
I agree. This “good news” really only applies to a very few of us. Most of us probably still owe more than we borrowed. Skip’s videos can be a good place to read comments from other EDL borrowers.