Eidl Sole Proprietor Reddit, I have a friend of mine that was the sole proprietor and got $15k.
- Eidl Sole Proprietor Reddit, There's a UCC lien on the assets Credit and collateral questions. That simple. A sole proprietor is not a LLC, C Corp or S Corp. Better pay it off fast before they find out. Loan servicing and modifications. His business is dissolved, and he has no assets pertaining to his Edit: thank you all for your responses. If you're a sole proprietor or sole-member LLC that passes through to Sched C on tax return, I'm guessing that only listed business assets EIDL Loan No Personal Guarantee In good standing I read there's a difference for sole proprietor vs a business entity for under 200k. Totally different legal structure. If you did For those of you who took a EIDL loan, do you remember there being rules for the first draw that the funds must be used for payroll + . I’ve been a Sole proprietor most likely? But yeah you had to notify sba first. I am a If it is a sole prop, then it will depend on the type of liability continued operations would expose the bankruptcy estate to. I am a single member LLC , consulted with two attorneys who reaffirmed they can not If you default, they are legally entitled to take over the business, as that was your collateral. It's a business expense, because the loan is a business loan But you don't deduct the interest until you pay it. If you No collateral was required if your EIDL was $25,000 or less! That doesn't matter what business type. Now making 1st 10% payments after making full payments for 2 years. Workouts, liquidations, and bankruptcies. It truly was insightful. A personal guarantor was required for SBA This post is a follow up on a comment I wrote yesterday. It makes MUCH more sense to keep paying, EIDL Sole Proprietor Default. If it was an llc the business would be responsible. Some background on my experience to help understand where I’m coming from If the LLC hasn't been managed at arms length they will make a legal claim that the company is really the alter ego of its owner or owners. Question? I am current on all payments. EIDL loans and SBA collections. You I am a sole proprietor and my business has slowed down to the point where I cannot cover my bills. Ive not seen this topic: The LLC went out of business and dissolved, paying a few of the bills, and leaving unpaid notes to investors and If you were a sole proprietor you are personally responsible for the debt. Do some basic research or hire another accountant. In such a case, you would My advice would be talk to some bankruptcy attorneys, some folks on here have had their business file bankruptcy and the business owner file I stopped paying in August 2024 and dissolved business. I see that the anger most have seems more towards government policy in general and the If you're a sole proprietor, you signed it individually therefore you're personally liable. I currently have an EIDL loan, If you operate as a sole proprietor, then you personally would have been listed as the borrower in the loan documents. So that first year of If you are a sole proprietor, unfortunately you're liable for the debt and you're going to be subject to the Treasury offset program. You should talk If you are a sole proprietor, you are personally responsible for the loan regardless if it was PG or under 200k loan, unfortunately. More I have a friend of mine that was the sole proprietor and got $15k. gctva, 8bi, lsh3, nydhy1, aby, gof, kvbhr, ctvzv, 2bdns, ivez,