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60 day letters or now going out for delinquent EIDL loans that the SBA issued during COVID.
Hey guys wanted to give you another update on the state of EIDL loans that were issued by the SBA during COVID.
Last week I gave the update that the SBA was not considering offer in compromise or forgiveness for EIDL loans through their EIDL loan servicing channels.
I also posted a video that there’s a potential “side door” to offer and compromise which be would be through these EIDL 60-day letters.
Today I want to show you what the SBA 60-day letter looks like, and bring your attention to who they’re saying to contact regarding questions and correspondence.
In my original video I was hypothesizing that it could be a side door because historically once the 60-day letter goes out, the loans are serviced by a different area of the SBA.
Now that I’ve received a copy of the letter, unfortunately it doesn’t look like there’s going to be a side door.
Here’s why: The 60-day letter specifically lists separate contact information for EIDL loans and unfortunately it’s the same email address that borrowers are instructed to send EIDL forgiveness request to on the forms I received back in April. That’s also the same email address that is telling people don’t submit them and that they will be declined.
Like has happened many times over the past months, once again we’re back to square one as far as settling these loans.
I did email the EIDL servicing people and ask them specifically why is it that they sent me the paperwork required for an EIDL offer and compromise when the SBA is not actually considering them. I’ll post an update if and when I get a reasonable answer. I screenshot it before I sent it:
