If you default on your SBA loan, there are a number of ways it can be collected. We take a look at wage garnishment and what you can do about it. Administrative Wage Garnishment The United States Small Business Administration does a lot of work to help entrepreneurs get their dream businesses off the ground.…Read More
CDC loans bolster your business’s usable capital but with restrictions. Keep reading to discover what SBA 504 loans are and the best candidates to receive them and what strategies are available if you default. Small business ownership is a dream of many people. What stops a lot of potential entrepreneurs from starting a business is the…Read More
SBA 7a loans are a great way to finance an organization and with nine types, options are great for businesses. Learn about the different types and eligibility. SBA 7a Loan SBA 7a loans for your business can make the difference between keeping your business afloat or losing it. SBA7a loans were created for that reason.…Read More
Yes, you may be able to stop an administrative wage garnishment once it starts. Stop Administrative Wage Garnishment How Does An Administrative Wage Garnishment Start? The Treasury will send you a notice of its intent to order an administrative wage garnishment. Thereafter, you can request a hearing. The hearing is usually a “paper hearing”. …Read More
What To Expect During Your SBA Loan Application Process Is this your first time applying for a business loan? Even veteran business people get confused about what to expect from the SBA loan application process sometimes. SBA Loan Application Your business is picking up and you want to expand, upgrade your equipment or move to…Read More
You can stop an administrative wage garnishment by proving: The debt is not enforceable against you The amount of the debt is incorrect An administrative wage garnishment would constitute a financial hardship How Do I Stop An Administrative Wage Garnishment You Must Timely Request A Hearing On An Administrative Wage Garnishment You will receive…Read More
Yes, there is a statute of limitations that applies to defaulted SBA loans. But the government can still collect from you. Statute of limitations for SBA loan The Federal Government is Limited to a 6 Year Statute of Limitations on Defaulted SBA Loans When your business obtains an SBA loan, you sign a personal guarantee,…Read More
Yes, the SBA through the Department of Treasury can garnish your Social Security. But you do have options to stop the garnishment. SBA Social Security Garnishment The SBA Offset If you have defaulted on an SBA loan and you are a personal guarantor, the SBA, through the Department of Treasury, can garnish your Social Security…Read More
The Need To Know Business Terms For A Business Loan Are you ready to apply for a business loan for your company? Review our need to know business terms so you know what you are getting out of your loan. Be mindful of your business loan’s terms and conditions Do you know that a large…Read More
What can happen if an SBA loan obligor omitted or falsified information in the SBA loan application or the SBA Offer in Compromise?
Engaging in fraud may trigger an investigation by the SBA Office of Inspector General and U.S. Department of Justice One of the most concerning factors an SBA debtor needs to be wary of is submitting a “false statement” or making a material “omission” in documents submitted to the SBA. Many problems can occur if false…Read More
Why You Should Not Prepare An SBA Offer In Compromise By Yourself Or Hire A Non-Attorney Company To Help With The Submission Of An SBA OIC
SBA Offer in Compromise Fraud: Why You Should Not Do It Yourself or Hire a Non-Attorney? If you have received either a letter from the SBA lender or CDC calling for a default, electing to accelerate the SBA loan balance and a demand for payment or the Official 60-Day Due Process Notice from the SBA,…Read More
Whether you have defaulted on an SBA loan or have moved on from your business partners but still remain liable for an SBA loan, options exist for eliminating your debt. Your Liability for an SBA Loan If your business obtained an SBA loan, you more than likely signed a personal guarantee. This personal guarantee states…Read More
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