EIDL Disaster Relief Loan update from SBA - Page 2
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  1. #26
    Senior Member Reputation points: 67918 Olderguy's Avatar
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    Quote Originally Posted by Sean Cash View Post
    After almost 3 years of no payments and accruing interest, are merchants even going to be able to pay back EIDL?
    Payments are pretty low....3.75% and 30 year amortization...$25,000 loan amount would be $116 a month....sure and add accrued interest to that...
    Steve Benjamin
    Professional Business Loans

    1012 Contessa
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    steveprobiz@gmail.com
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    949.228.1050


    @ 24 hour funding working capital loans
    @ Term loans from 3 years to 10 years at 9.5% and up
    @ Equipment financing up to 7 years
    @ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
    @ SBA loans - 7A and 504.
    @ Private money equity and debt for major investments
    @ Personal Loans up to gross income from personal tax return.

  2. #27
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    Quote Originally Posted by Sean Cash View Post
    After almost 3 years of no payments and accruing interest, are merchants even going to be able to pay back EIDL?
    Who knows? I wonder what they are actually going to do when all the people who took under 200k inevitably default. I bet a large portion of them are already out of business.

  3. #28
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    Quote Originally Posted by Oxforddan View Post
    Who knows? I wonder what they are actually going to do when all the people who took under 200k inevitably default. I bet a large portion of them are already out of business.
    They are signature loans (if under $200,000) not personal guarantee...so probably won't do anything on defaults.
    Steve Benjamin
    Professional Business Loans

    1012 Contessa
    Irvine, CA 92620
    steveprobiz@gmail.com
    https://probizloans.net/
    Broker, Underwriter, general business loan expert
    949.228.1050


    @ 24 hour funding working capital loans
    @ Term loans from 3 years to 10 years at 9.5% and up
    @ Equipment financing up to 7 years
    @ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
    @ SBA loans - 7A and 504.
    @ Private money equity and debt for major investments
    @ Personal Loans up to gross income from personal tax return.

  4. #29
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    Effective Monday April 11th, SBA will not longer be accepting requests for EIDL loan increases.
    Steve Benjamin
    Professional Business Loans

    1012 Contessa
    Irvine, CA 92620
    steveprobiz@gmail.com
    https://probizloans.net/
    Broker, Underwriter, general business loan expert
    949.228.1050


    @ 24 hour funding working capital loans
    @ Term loans from 3 years to 10 years at 9.5% and up
    @ Equipment financing up to 7 years
    @ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
    @ SBA loans - 7A and 504.
    @ Private money equity and debt for major investments
    @ Personal Loans up to gross income from personal tax return.

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