What's new

SBA Loan Forgiveness

Kramerwv

Active member
Joined
Nov 29, 2016
Messages
194
Reaction score
76
Points
28
Location
WV
It would likely take a couple of months or more to get approved for Sba financing at this point, so if you don’t owe huge $$ it’s probably not worth the hassle. There’s a employee retention tax credit that just got increased for 2021 so certainly pay attention to that if eligible.
 

Earl Weiss

Well-known member
Joined
Aug 31, 2007
Messages
5,605
Reaction score
250
Points
83
Just heard EIDL can be forgiven as well. Bank had me make on payment - Hope I get it returned.
 

soapy

Senior Member
Joined
Sep 1, 2007
Messages
2,583
Reaction score
422
Points
83
Location
Rocky Mountains
Earl, you should get it back. My banknever had me make a payment and the SBA gave them interest as well as the full amount of the loan.
 

David Rolf

Member
Joined
Sep 24, 2019
Messages
61
Reaction score
13
Points
8
Location
Oregon
Can something post a link on how to get a loan forgiven not a PPP. I can't find anything on the SBA site and did NOT go through a bank for assistance. Thanks
 

slash007

Well-known member
Joined
Jul 8, 2012
Messages
2,034
Reaction score
183
Points
63
Location
Lexington, Ky.
Only PPP can be forgiven. Not SBA loans. Only free money is PPP, EIDL advance and then first 6 months payments on certain SBA loans.
 

David Rolf

Member
Joined
Sep 24, 2019
Messages
61
Reaction score
13
Points
8
Location
Oregon
That's what I heard. Thanks for the information! I get confused on all these options....
 

Rish Cw

New member
Joined
Dec 14, 2020
Messages
3
Reaction score
1
Points
3
A bank I use in VA just yesterday told me that if an SBA loan is approved by 9/1/2021 that the SBA will cover 6 months of payments. When the pandemic started, I had 6 months of an SBA loan covered.

This was on a 504 (land acquisition) loan. I’m not sure if it’s different for a 7a business loan. But it’s worth the question!
 

jrauth

New member
Joined
Jun 11, 2014
Messages
5
Reaction score
2
Points
3
Location
Metro Detriot
Im an SBA 7a loan officer (dont hate me). You have to close your loan by the end of September 2021 (not just have it approved) in order to get the 6 months of having your payments made by the SBA. Its capped at $9,000 per month btw.

My understanding is yes the EIDL loans can be forgiven if you met all of the SBA guidelines. :) Nothing like free money.
 

Kramerwv

Active member
Joined
Nov 29, 2016
Messages
194
Reaction score
76
Points
28
Location
WV
Just heard EIDL can be forgiven as well. Bank had me make on payment - Hope I get it returned.
Only the eidl advances were considered grants and do not have to be repaid, an eidl loan (30 yr fixed rate) is not eligible for forgiveness. When the forgiveness process for ppp loans started the sba was reducing any amount of eidl advance from the ppp forgiveness. This later changed and they went back and repaid that leftover amount.
 

CheetahExpress

Active member
Joined
Apr 20, 2018
Messages
129
Reaction score
68
Points
28
Location
Mathis, TX
Im an SBA 7a loan officer (dont hate me). You have to close your loan by the end of September 2021 (not just have it approved) in order to get the 6 months of having your payments made by the SBA. Its capped at $9,000 per month btw.

My understanding is yes the EIDL loans can be forgiven if you met all of the SBA guidelines. :) Nothing like free money.
We have an existing SBA Loan that started in 2016 when we started our car wash. In 2020, due to the pandemic, the SBA made 6 months of payments for us (May-Oct. 2020). In 2021, we got notice they would pay another 6 months starting in Feb. They made Feb. and March payments and then quit, so we are now back to our regular payments. Just wondering why this happened. Did they run out of money?
 

soonermajic

Well-known member
Joined
Oct 26, 2014
Messages
2,478
Reaction score
348
Points
83
Location
texas
It's absolutely BULL$HIT that Ive worked my A$$ off as a coach/teacher for 30 yrs, have outstanding credit, NEVER cheated on taxes, got a regular loan, & yet other people w/ FAR more $$ than me (some who have cheated on taxes / have bad credit) get their loans pa3ud or forgiven, & my family doesn't get a dam thing! Just cause we got a regular loan , from our bank. WTH?!!!😳🙄😡😡
 

Earl Weiss

Well-known member
Joined
Aug 31, 2007
Messages
5,605
Reaction score
250
Points
83
Update- Bank returned th payment I made on the EIDL loan with interest. Another bank - different loan sent a payment request. Called them and first answer was I did not have to pay. Next day guy called and said I would have to pay and when they got paid it would be returned. Told hi it was being forgiven so I would not pay. He said it would be aa bad mark on my credit. Told them they would have a big PR issues since the other banks got paid already and the only reason they didn't was because they were late processing their paperwork. If their tardiness adversely affected borrowers and media got a hold of the story it would be bad for them. I didn't pay and within 2 weeks I had notice it was paid in full.
 

Waxman

Super Moderator
Joined
Aug 31, 2007
Messages
5,284
Reaction score
545
Points
113
Location
Orange, MA
I had my Ppp loan forgiven and had my SBA 504 loan payments made by the government. It definitely helped me during 2020's ups and downs.

Through it all I was also able to secure bank financing for a rehab of my IBA which was great for my company.
 

soapy

Senior Member
Joined
Sep 1, 2007
Messages
2,583
Reaction score
422
Points
83
Location
Rocky Mountains
Everyone who collected unemployment, no one here I bet, will get to deduct 10,200 of it from income and not pay fed taxes on it. That is providing they did not make over 150,000. If they have already paid their taxes the government has set up a way to send out refund checks to all the unemployed who paid it in. Wished ogvenment would work as hard for the working folks.
 

soonermajic

Well-known member
Joined
Oct 26, 2014
Messages
2,478
Reaction score
348
Points
83
Location
texas
Everyone who collected unemployment, no one here I bet, will get to deduct 10,200 of it from income and not pay fed taxes on it. That is providing they did not make over 150,000. If they have already paid their taxes the government has set up a way to send out refund checks to all the unemployed who paid it in. Wished ogvenment would work as hard for the working folks.
Absolute crock of $hit!!! The honest working man, gets the shaft from the Democrats!😡
 
Top