Schedule a 30-minute case evaluation:

[ Ссылка ]

#eidlupdate #eidl #eidlloan #eidlloanupdate #sba #sbaeidl #eidlforgiveness

In today's video we discuss how ridiculous the SBA is being when people try to do the right thing and sell collateral that was pledged for EIDL loans.

I had a barber contact me because they're having trouble getting the SBA to cooperate with the sale of the business assets. The loan has no personal guarantee, yet the borrower is still trying to do the right thing.

Rather than the SBA allowing him to sell the assets and send them the money, they instead are throwing up ridiculously incompetence.

In order for him to be allowed to sell the assets, he received an email that stated that the loan must be current, and that the loan must be paid in full in order for them to approve the sale.

You read that correctly, folks.

In order to sell the collateral which will definitely not pay off the loan in full, the SBA wants the business owner, who did not personally guarantee the debt, to pay off the debt.

It's almost like people handling these files at the SBA have no experience.

In my 23 years of commercial lending, I've never seen anything like this. It's not rocket science. Even someone with no Lenny experience and a little bit of common sense would recognize that any sale of the assets benefits the SBA, not the borrower or the business owner.

Yet for some reason they don't quite get it. The other alternative for the business owner is to walk away and tell the SBA that they can come pick up themselves. That's a practical matter This will never happen.

свернуть