SBA Covid-19 EIDL Loan Collateral and Personal Guarantee Requirements

Can I remove my collateral? If I bring my loan amount from 400,000 to 200,000?

@freedomgroup One of the things that I didn't like about any of those loans is that anybody could request your personal information for borrowing that money. They get to know how much you got, what your income is, all sorts of stuff. People you don't even know has access to your financial information. Your enemies? Check! People you know, but don't want in your business? Check! People just plum being nosy? Check! You had no privacy in those loans made to the American Citizens. I mentioned this to President Joe Biden too. Your information, your data, was freely available to all seeking the information.

@freedomgrouo One of the things that I didn't like about any of those loans is that anybody could request your personal information for borrowing that money. They get to know how much you git, what your income us, all sorts of stuff. People you don't even know has access to your financial information. Your enemies? Check! People you know, but don't want in your business? Check! People just plum being nosy? Check! You had no privacy in those loans made to the American citizens. I mentioned this to President Joe Biden too. Your information, your data, was freely available to all seeking the information.

can they take life insurance

I don't think they will go after anything, usa is toast

70% defaults coming

Great job explaining. Thank you very much!

Thank you for briefing, but my question to you is that if i am approved for the second part for example 50,000 and i am independent contractor having been an uber driver, what can be my collateral please and what if i do not have any?

Great! Nicely explained.

One thing nobody has answered yet on the EIDL, is what can a sole proprietor "Pay" themselves? I'm single owner, very small business and got approved for the 25,000, so NO collateral. But I havent took the loan yet because I'm still not sure what I can pay myself on payroll. Its just me in the business. Should I take it? What can I pay myself monthly? Thanks for any reply.

I'm thinking that if you sign as a corporation up to $200,000 you are not liable personally, but if you sign as a partnership, independent contractor , or a sole proprietor you are personally liable.
ALSO: the SBA can come after real estate as well as ALL assets in the event of a loan default. I think Mr. Freedom may confusing the SBA loan requirements to qualify vs the loan default guidelines?????

Where are you located ?

What if your assets recorded in a trust. Can they go after the trust?

We have been waiting too. We had to do 2 reconsideration request 1 due to wrong year and this last one I had to email it. Plz help. They said someone would be in contact with us in 3 business days and it's been 3 weeks

Whats your/their email address

Can you guys help me do my filings/applications. Plse Advise

A company received an EIDL loan of $300,000 and paid back $100,000. Does the category of the loan change so that personal guarantee is no longer required?

Great and simple way to explain..Thank you

hey sir how are you. what if you take a 30k loan and they dont requested anything? just signing accepting the loan . did they took somehting that maybe be we didint know ? thanks

Does any sole proprietor with no machines or other needs to use home or rentals insurance as collateral or this is false?

That's great is an emergency loan because pandemic. That's why they make so easy ( sarcasm)

What I thought I got a grant. Of $15,000 and borrowed $2,000. I'm prepared to repay the $2,000 but What about the rest? My business is basically closed due to my health after COVID

Thank you very much for what you are doing for our community