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Hey whats going on everybody? Today is Tuesday, August 4th and Im going to be talking about the EIDL loan collateral, and what that means, and what can happen, and how it affects you, and all that jazz. Alright just as a quick background, if you received the EIDL loan if your loan was under $25,000 then you dont have to enter into any collateral agreement with the SBA, which is good, okay. So if your loan is under $25,000 you dont really have to worry about any, most of the stuff Im going to talk about. If your loan is over $25,001 then you are required to enter into a collateral agreement with the SBA and Ill let you know what that means here in a sec. Then if your loan is actually over $200,000 then you also have to be a personal guarantee on the loan. Now, the majority of loans okay, the majority of loans out there are under $200,000 because the SBA did impose a $150,000 cap on these loans. But there were some very, very early on that did make it by before that cap was impose
