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It's time to start paying back your SBA EIDL loan. What are you going to do?

2180 Views 40 Replies 17 Participants Last post by oldfart, 8 d ago

_Tron_

Discussion Starter · 6 mo ago

The Small Business Association sponsored Economic Injury Disaster Loan program lent a lot of money to TNC drivers. Many of those loans are becoming due for payback. What are your plans to pay the money back?

I can share that in my case I have been trying, unsuccessfully, to register on the SBA Capital Access Financial System (CAFS) Borrower Portal. Each time I enter the information and hit SUBMIT the form is blanked out with no error message. I have tried for multiple months, using multiple browsers. The result is always the same. The form is blanked out upon submission.

Therefore I did a search on what the ramifications are of not paying back the loan. Remedies vary from submitting an Offer in Compromise to pay part of the debt, to moving your money out of any accounts tied to your EIDL lender, to ignoring all threats since late payments are not sent to personal credit bureaus (only to business credit bureaus).

What is your plan?

1 - 20 of 41 Posts

WI_Hedgehog

· #2 · 6 mo ago

At this rate, selling "loosies." As RideShare income is going down, street hustle income is on the rise.

*Not legal advice. In fact, not even legal.

Reactions: 3

Disgusted Driver

· #3 · 6 mo ago

I've already paid mine off. I got the money, used it for a short term investment and made a few bucks on their dime.

I didn't want to pay the interest but in hindsight I should have held on to the money but I had no idea that interest rates would go up as quickly as they have.

Reactions: 1

Wild Bill Yahoo

· #4 · 6 mo ago

My portal set up was seamless. I'll start to pay it back and see how it goes.

Reactions: 1

Buff69

· #5 · 6 mo ago

Disgusted Driver said:
I've already paid mine off. I got the money, used it for a short term investment and made a few bucks on their dime.

I didn't want to pay the interest but in hindsight I should have held on to the money but I had no idea that interest rates would go up as quickly as they have.

You didn't get yours forgiven?

Reactions: 2

Wild Bill Yahoo

· #6 · 6 mo ago

Buff69 said:
You didn't get yours forgiven?

Buff69 said:
You didn't get yours forgiven?

These aren't forgivable like the payment protection loans.

Reactions: 1

Disgusted Driver

· #7 · 6 mo ago

Buff69 said:
You didn't get yours forgiven?

Nope, not forgivable but I did also get 1K as a grant or whatever they were calling it that I don't have to repay.

Reactions: 1

W00dbutcher

· #8 · 6 mo ago

You have several obvious choices here.

1. water-based personal lube with a hypoallergenic ingredients for prolonged use.

2. petroleum based without any kind of hypoallergenic ingredients with an addition of a very fine pumice.

3. raw dog it

4. Make fun of all those who took the loans and give them options for lube when the man comes calling.

I got number 4.

Reactions: 4

20yearsdriving

· #9 · 6 mo ago

You could do the logical thing for your likes …. Bridge your shortfall with a bunch of payday loans.

Reactions: 2

Toocutetofail

· #10 · 6 mo ago

Cloud Sky Triangle Font Signage

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20yearsdriving

· #11 · 6 mo ago

Something tells y’all plan on never owning a business / driving fuber foreva.
I don’t trust the gov to forgive eidl…. They likely put a lean on your bank account.

Reactions: 1

20yearsdriving

· #12 · 6 mo ago

By that logic maybe they send you more pity money ^^^^

20yearsdriving

· #13 · 6 mo ago

Gov trickle down economics are a real problem… On uber you are volunteering to donate your labor that you can solve today.

oldfart

· #14 · 6 mo ago

see this thread

www.uberpeople.net

EIDL Hardship Accommodation

I don't know if any of you guys have been following the latest developments with the EIDL loans. There are people fighting to get the interest wiped out completely or significantly reducing it and retro dating it to the original loan date. Obviously everything with the SBA goes extremely slow...

www.uberpeople.net

www.uberpeople.net

I got the accommodation so Ive deferred my decision for another 6 months. Im 76 years of and wont be driving forever. Ill probably pay the loan until the state wont renew my drivers license

Reactions: 1

20yearsdriving

· #15 · 6 mo ago

oldfart said:
see this thread

EIDL Hardship Accommodation

I don't know if any of you guys have been following the latest developments with the EIDL loans. There are people fighting to get the interest wiped out completely or significantly reducing it and retro dating it to the original loan date. Obviously everything with the SBA goes extremely slow...

www.uberpeople.net

I got the accommodation so Ive deferred my decision for another 6 months. Im 76 years of and wont be driving forever. Ill probably pay the loan until the state wont renew my drivers license

Maybe you outlive it.

80sDude

· #16 · 6 mo ago

Same here I cannot sign up in the new portal

bobby747

· #17 · 6 mo ago (Edited)

they will try to collect and put lien or judgement against you...till they forgive it. you are screwed..it will be like owing the irs. payment plan with bad credit..no hiding if you are a real borrower. many fake 500k plus loan wont see the sba get 1 dime..

Daisey77

· #18 · 6 mo ago

Apply for the hardship. That buys you another 6 months. Hopefully by then some decisions will be made regarding these actual loans. There's a group trying to get all accrued interest written off or lowering the interest amount and backdating it to the original loan payment. Call the SBA if you're not able to sign in. Those of you having trouble, have you never set up your account or did you set it up and just not sign in for a long time?

oldfart

· #19 · 6 mo ago

20yearsdriving said:
Maybe you outlive it.

I intend on outliving the loan term of 30 years (Ill only be 106) Ill stop driving sooner than that which puts the business out of business, so Ill definitely stop paying then

Reactions: 1

Rufrider

· #20 · 6 mo ago

Hey here's an effin idea, you took the money NOW pay it back

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