We’re going to tackle two fun topics all at once here today. We wanna help you inform the SBA if you have an EIDL loan that you are unable to pay because your business has closed, and we’re going to do it in a super simple way using ChatGPT.
So lots of fun here. But first off, if you don’t have a ChatGPT account yet, it’s probably time. Get one and play around with it a little bit. You’ll find it’s super useful and easy.
So in this true spirit of this, I’ve asked ChatGPT to tell you how to get an account. So it’s telling you to go out and visit the browser through OpenAI.com. That’s really all you need.
When you go to OpenAI.com, you’ll be able to sign up using the link here and set up a brand new account. Just follow that through.
Now we’ve already got the instructions here. You don’t really need to use the API information to do what we’re gonna talk about today. So let’s just get started with a new chat window.
I’ve developed a prompt for you already that will allow you to get all of the information ready that you’ll need. So here is the prompt we’re going to use in ChatGPT, and what you I would suggest is to open this document and enter in your business details all in the front here.
I’m just gonna make up some information here and I’m actually not going to answer all of the questions just for the sake of time, but I’m gonna copy this whole prompt right back into my chat message, alright.
And we’ve asked it as the EIDL bot to draft this email for you. So it is going to write a letter to the SBA telling them that you are not gonna be able to pay the loan back.
Now, in our case, when we did not include some of the answers to the prompts, it’s just going to create some brackets for you to go back and enter that information. But if you had fully filled that out in the beginning, it will already be included.
So let’s take a look and see what it gave us. And each one of these will generate differently. It’s not going to be just a simple templated response. It’s actually thinking just like if you asked five different humans to write this letter.
Alright: I’m writing you to inform you about the discontinuation of operations and closure of Bob’s Automotive and to convey our inability to repay the Economic Injury Disaster Loan received on May 1st, 2020 with a loan amount of 48,000, loan number, blah, blah.
Bob’s Automotive encountered significant financial difficulties that has led to the closure of our business. We regret to inform you that due to these circumstances, we are unable to fulfill the loan repayment obligations.
Now, I won’t read through the whole rest of this. You can read this and you can do it yourself. But one thing I will tell you and remind you is with ChatGPT, it is not always factual. So you must read the content that it has given you before you hit that enter button or before you send that off to make sure that it reflects the true answers.
But it is here to help you with all the wording. Make this not such a daunting task to include all that information. Make it super quick and easy.
You also don’t need to remember my prompt here or try to retype all this. I’ll just include it down below. There’ll be a link right in the bottom. So just cut and paste this and go at it.
And once you complete this task, try out some other things in ChatGPT. It can help you reimagine a lot of things. Help you rewrite emails, write emails, develop content for a business.
Hey, it may even help you develop a new idea to start a new business, again!
For additional read: Can’t Pay Your #EIDL Loans? Here is What To Do
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Donna Bordeaux, CPA with Calculated Moves
Creativity and CPAs don’t generally go together. Most people think of CPAs as nerdy accountants who can’t talk with people. Well, it’s time to break that stereotype. Lively, friendly, and knowledgeable can be a part of your relationship with your CPA, as demonstrated by Donna and Chad Bordeaux. They have over 50 years of combined experience as entrepreneurial CPAs. They’ve owned businesses and helped business owners exceed their wildest dreams. They have been able to help businesses earn many times more profit than the average business in the same industry and are passionate about helping industries that help families build great memories.