Why EIDL Forgiveness won't happen. SPECIAL EVENT: Spend 2 HOURS with TREVOR and address your biggest EIDL concerns that could impact you and your business long-term. Get all the deets here: https://auroraconsulting.biz/navigate... ๐ฟ๐ป๐ด๐ฐ๐๐ด ๐ฝ๐พ๐๐ด
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Trevor retired from Mortgage Banking in 2018. He brought the standards he developed in his mortgage financing career along with his customer service background with the once famous "Crazy Eddie" retail chain to assist business owners and entrepreneurs manage the day-to-day doldrums when it came to securing business financing before & during COVID.
In 2017, Linda Rey exited the insurance business and with Trevor, we launched Aurora Consulting, a Commercial Financing Brokerage to help entrepreneurs expand their enterprise with unique, cost-effective business financing solutions.
When the pandemic hit, the business shut down as Lenders scrambled with the Paycheck Protection Program (PPP). As true entrepreneurs do, Linda Rey and Trevor pivoted and sought to help business owners learn the fundamentals of business financing and how to apply for the SBAโs Economic Injury Disaster Loan (EIDL).
They had enough experience with how to apply for a business loan, so their knowledge helped to enlighten business owners who were navigating the very confusing EIDL process.
Aurora Consulting developed a national reputation assisting business owners all over the country and helped to secure over $70 million (that we know of) in disaster funding for small business owners.
I want to give myself applause.
It was an excellent video.
Thank you.
It's not what people want to hear.
Is who I is.
We just don't have my professional opinion.
We just don't think it's a plan to wait or hope for that.
And we get this question weekly from multiple people.
If anybody asks us about it, that's where we go to for that.
Thank you.
Swear works.
Clear explanation.
What about forgiveness?
The COVID-19 EIDL loans should be forgiven.
Do you think they're going to be forgiven?
When is forgiveness going to happen?
If you've been a subscriber to our channel for a while, even going back
to during the pandemic, when those questions came up, my professional
opinion as a retired banker who specialized in government lending
for 30 years as an expert now with the COVID-19 EIDL program, having
processed thousands of interactions with the SBA, and I live this
program every day of the week.
And I've done the research.
My opinion is no, these loans will never be forgiven.
Very short explanation.
Hurricane Katrina, New Orleans, Louisiana, massive
devastation, homes and businesses.
The SBA at the time had a geographical cap on how much they could infuse
of funds for that program.
The natural disaster loan program into any given area.
It was too low to help people with the massive devastation.
The SBA goes to the Congress and the white house at the time and says,
we need you to expand our cap.
Lift our limits so we can help these American taxpayers.
And after a lot of political wrangling back and forth between a Republican
controlled Congress and a Republican controlled white house under President
Bush, they came back to the SBA and said, you got it.
We will allow you to raise that limit so that when devastation wipes out a
geographic area of the United States through a natural disaster, you as the
SBA can lend the money you need to help businesses, homeowners, and
renters recover with one proviso.
These loans can never be forgiven again.
Yes.
The politicians did that to you.
So if they did that once, why do you think with 4 million loans that were
made during the pandemic that the politicians have an appetite for making
forgiveness a thing for you?
One other element, TARP, that's the rescue program that saved wall street.
After the global mortgage meltdown, the government stepped in and funded
those banks, funded those wall street firms, saved their bacon.
But guess what?
Those firms and those banks paid the United States government back with
interest.
If the government is not going to give wall street free money, why do you think
they're going to give the small business owner that's you free money in terms of
forgiveness when a, they already gave you forgiveness under the paycheck
protection program loan and B, they really don't support you, the small
business owners, because if they did, they would take care of the small
business administration, the way it needs to be properly cared for.
So the SBA can help you.
We have a download about forgiveness, so click on the link in the description.
