Considerations When Closing a Small Business with PPP or EIDL Debt
Jimerson Firm
MAY 5, 2021
PPP loans and EIDL of $25,000 or less do not require collateral or personal guarantees, so in the vast majority of defaults on these small loans, business owners’ personal assets will not be at risk of seizure. Small Loan Default. Additionally, large percentages of these loans are forgivable.
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