Bloomberg Law has an excellent article titled “Covid Loans That Boosted Businesses Now Push Them to Bankruptcy” concerning SBA EIDL loans and the bankruptcy filings by the businesses that received them and the guarantors who guaranteed those loans. The article can be found at https://news.bloomberglaw.com/bankruptcy-law/covid-loans-that-boosted-businesses-now-push-them-to-bankruptcy
The article states that many businesses that received SBA EIDL are filing for chapter 7 bankruptcy and the guarantors of those loans are filing for bankruptcy as well. SBA EIDL loans over $200,000.00 required a personal guarantee from the principal.
The article states that by the end of 2024, the SBA had charged off 370,000 EIDL loans worth about $47 billion and was trying to collect on another $14.7 billion in loans that had been delinquent for at least three months.
At Shenwick & Associates we are receiving many phone calls from SBA EIDL loan borrowers who cannot repay those loans.
Clients or advisors who have questions about SBA EIDL loans or the SBA enforcement remedies should contact Jim Shenwick, Esq at 917 363 3391 or jshenwick@gmail.com
Please click the link to schedule a telephone call with me.
https://calendly.com/james-shenwick/15min
Jim Shenwick, Esq 917 363 3391 jshenwick@gmail.com
Please click the link to schedule a telephone call with me.
https://calendly.com/james-shenwick/15min
We held individuals & businesses with too much debt!
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