In this video, I provide guidance on what to do if you're unable to pay your SBA EIDL business loan. If you got an SBA EIDL Loan to save your business in 2020 or 2021 but now you are in financial straights and can't afford to pay it back, this video is for you.
You may have heard lots of information about repayment and you are looking for clarification. What happens if you don't or can't pay your SBA EIDL loan back? What does it mean for your loan to go to the Treasury Department? Will the SBA liquidate your home and personal assets? Will you be forced to close your small business?
I cover three categories: 1) if you need lower payments, 2) if you can't make payments, and 3) if your business has closed or is closing. I also address misinformation and what the SBA is not doing. Important information and resources are provided throughout the video. Watch to learn how to navigate these challenging situations and create a plan.
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👉🏾All the content in my videos is for informational purposes only. I am NOT a financial advisor. This is not legal or financial advice and I do not guarantee success for any business. All data displayed is accurate at the time of recording the video.