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Hey guys this video is about SBA EIDL loans and charge-offs and write-offs.
Got a comment on one of my videos today asking me to explain what it means that the SBA has started charging off some EIDL loans
The important thing to know here is that a charge off or a write-off is not synonymous with EIDL loan forgiveness. these terms are merely accounting terms. #eidlupdate #eidl #eidlloan #eidlloanupdate #sba #sbaeidl #eidlforgiveness
When a lender charges off a loan, it means that they have removed it from their balance sheet as an asset because they believe that they will not be able to collect on the loan. because they can't collect it on as a loan, they can't report it as an asset.
just because the SBA charges off your EID alone, it doesn't mean that they are giving up their right to collect on the loan, nor does it mean that any existing liability goes away.
When a loan gets charged off the servicing will transfer from the SBA eventually to the treasury, but it doesn't mean that collection activity on the loan will necessarily end.
