Business owners are generally personally liable for EIDL (Economic Injury Disaster Loan) loans. When applying for an EIDL, the SBA typically requires a personal guarantee for loans exceeding
$200,000. This means that if the business is unable to repay the loan, the personal assets of the business owner can be used to cover the outstanding debt. It’s important to understand the terms and conditions of the specific EIDL loan agreement, as they can vary based on the loan amount and the SBA’s requirements at the time of application.

Eric Zelazny leaning answer:
In most cases, business owners are personally liable for EIDL (Economic Injury Disaster Loan) loans, especially for loans exceeding $200,000. This personal liability means that if the business struggles to repay the loan, the business owner’s personal assets may be at risk. However, it’s worth noting that Attorney Eric Zelazny can provide expert assistance in understanding and navigating the terms of your specific EIDL loan agreement, helping you protect your interests and explore potential solutions to manage the loan responsibly.