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While you're on my site, check out my over 200 articles on SBA default, forgiveness, and offer in compromise.

I also offer a podcast, a free EIDL audio course, and a premium EIDL audio course.

My main service is assisting people through the SBA offer in compromise process.

In today's video I talk about the personal guarantee and whether or not the SBA will remove it if you pay your EIDL loan down to under $200,000.

I'll start off by saying I haven't actually asked the SB of this question, but having done this since 2009, I have a pretty good idea of what they'll say.

unless you signed a personal guarantee that's specifically stipulates that it'll be nullified once the loan is paid under $200,000, I believe it's not likely that the SBA would release you from a personal guarantee simply by paying it down to under $200,000.

While I certainly understand what people are thinking, I honestly don't believe it's going to work this way.

For those who don't know, EIDL loans under $200,000 did not require personal guarantees, which is why people who borrowed more than $200,000 are wondering if they can pay it down to under $200,000 in order to avoid all the downsides that come with a personal guarantee.

If you borrowed over $200,000 and you're seeking to be released from the personal guarantee, I see three main options. first, you can pay off the loan, second, you can close your business and submit an offer in compromise application (I can help with that), and third, you can look into some sort of bankruptcy (You have to talk to a bankruptcy about that).

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