SBA EIDL Loan forgiveness
Hi Terry, I hear you often on WGN radio. I’m wondering if you know of a way to get an SBA EIDL loan forgiven? When the pandemic started, as an independent contractor had hours cut and I applied to the program and was shocked that I was approved for $36,000. I ended up using that money to pay bills and to pay my taxes for 2020 as at the time, I made more money and took a hit on my Obamacare as I went over the threshold of what I could earn. That ended up getting fixed when Biden took office, but i needed to pay my taxes and basically had to reimburse the gov’t for the subsidy that I was receiving. Now, I have to start repaying..a 30 yr loan,,I will be in my 80s! Any suggestions to make this reduced or to go away? I still have a loss of income and are dealing with inflation, etc..like others. Thank you –
Terry Says
While I’m not an expert in this area, I did some basic research and think you might find these articles interesting. A lot seems to depend on exactly what type of loan this was — an advance, a PPP loan, or one of several other categories.
Here’s a primer on how EIDL loans work:
https://www.fool.com/the-ascent/small-business/articles/eidl-loan/
And although EIDL loans are technically not forgiven, there are opportunities to get a portion written off:
https://www.business.com/articles/qualify-for-ppp-eidl-forgiveness/
The first step is an extension or deferral. Start here:
https://www.merchantmaverick.com/eidl-forgiveness/
Please let me know how you resolve this.
