LLC and my EIDL LOAN
TLDR: My Business Travel LLC took out a EIDL loan after waiting a whole year to even get it, ($320K in 2020/07). I used all the fund to pay employees, then was not able to get an increase due to the issues, then they stopped the program. Because travel was severely impacted I had to take out another loan for $530K from an angel investor, and set up a C-Corp w/different EIN in 12/2020. I received notices for repayment from SBA, sent emails/msgs and spoke to the SBA, they sent me the link to apply for a hardship in 07/2004,. Which I did and received a confirmation back they had received it, but never anything else from them.
I have never made any payments, and the old EIN filed under still exists. I have since lost or laid off all employees (2022/2023) and I have very little revenue under $120K in 2023, and less than $35K in 2024 YTD. I am considering bankruptcy for the LLC and C-Corp. I looked at my loan docs, and there is nothing about personal guarantee on it. Is bankruptcy the only way out of this? I have no other assets personally or business wise. Just looking for advice, as I have now pivoted to building AI Travel Tech and thinking I should protect it under a new company (C-Corp).