EIDL Loan - I Got Approved For $120,000 | Loan Contract Breakdown

SBA EIDL - Okay I got approved for $120,000 out of the $150,00 they offered me and I finally received the Promissory Note and the Contract that the SBA has sent me... I'll go ahead and breakdown the promissory note and what provisions are in the contract that I like and I don't like. Please remember that I am NOT AN ATTORNEY so this video is simply my interpretation of the contract. Please seek your own legal counsel and advice from a licensed attorney! Here it is! SBA EIDL Approved... Contract Breakdown. Enjoy!

Now, this video MAY gets shutdown if SBA asks for me to shut it down due to non-disclosure reasons. (I didn't see any non-disclosure clause in the contract) But we want to be safe and compliant.

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So like I mentioned, I got approved for the SBA EIDL for $120,000. I got the EIDL grant for $2000 and they offered me up to $150,000... I went ahead and applied for $120,000 and they APPROVED me! (yay...) But after reading the contract and breaking it down in this video, I feel less enthusiastic about signing the loan documents. In fact, I'm thinking about backing out on the loan.

Here are the provisions that I'm not liking inside of the EIDL Promissory Note & Contract:

1. SBA has the right to audit your business at any time at your own expense. You have to pay for an accountant to audit and furnish a report that needs to be turned over to the SBA.

2. If you're borrowing more than $25,000 from the SBA EIDL program, SBA now has a blanket security interest over your business assets and collateral. If you're in default, the SBA has the right to come to cease your properties to pay for the default.

3. The SBA Is now your "partner" in every key business decision. If you choose to sell, refinance, or transfer any of the assets/collateral, you have to let SBA know that you're doing so and get their permission to do so. This obviously takes away a TON of liberty and freedom from making key business decisions in a timely manner.

4. The SBA has up to 6 months to give you the loan amount (not instant). This is a problem if your business needs the money ASAP....

5. It says if I want to pay an attorney or CPA to represent me, I have to let the SBA know and they have to approve it? (What?!) I could be interpreting this wrong but it sounds like SBA is keeping me from having legal representation when signing off on the closing doc. (Yikes!)

Remember guys, I'm not an attorney or a legal professional. This is SIMPLY my interpretation and opinion so I ask that you guys work with a legal counsel and an attorney (with SBA's approval). I am not liable :)

#sbaeidl #sba #eidl

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---DISCLAIMER--- The suggestions, advice, and/or opinions that are given by Sam Kwak (The Kwak Brothers) are simply opinions. There are no guarantees of set outcomes. Listeners, guests, and attendees are advised to always consult with attorneys, accountants, and other licensed professionals when doing a real estate investment transaction. Listeners, guests, and attendees are to hold Sam Kwak, Novo Elite, Inc. and the Kwak Brothers brand harmless from any liabilities and claims. Not all deals will guarantee any profit or benefits. Listeners, guests, and attendees are to view and listen to all materials and contents furnished by the Kwak Brothers as a perspective based upon experience.

Видео EIDL Loan - I Got Approved For $120,000 | Loan Contract Breakdown канала The Kwak Brothers