Worried About EIDL Loan Payments? Let Us Help

Now that we are a couple of years past the closings and widespread quarantines of the COVID-19 pandemic, businesses across the country are starring down high loan payments to the federal government.

The Small Business Administration loans helped keep many businesses alive when their revenues disappeared overnight. Today, they have become albatrosses to many organizations.

Some of the loans, particularly the Paycheck Protection Program loans, were forgiven. But if you are tasked with paying back hundreds of thousands of dollars – sometimes millions of dollars – from the COVID loan programs, is there any relief coming?

It is too soon to tell, but the attorneys at The Orlando Law Group can look at your unique situation and determine what might be options for you, including declaring bankruptcy.

What loans have not been forgiven?

Many businesses with employees took PPP loans to cover employee expenses. In most cases, if those loans were used as they should and were used for payroll, the PPP loans have already been forgiven.

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