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SBA Articles

Excerpts from the United States Attorney’s Manual regarding their policies with respect to SBA loan default & debt

Below are excerpts from the United States Attorneys’ Manual relating to several key policy treatment by the Department of Justice lawyers with respect to non-tax federal debts, such as SBA debts. Key provisions that SBA debtors should, at the very least, familiarize themselves with are noted below: 3-10.120 Nationwide Central Intake Facility Commencing on October…

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Did you know about the Federal Law passed in 2008 & signed into law by the United States President which can eliminate your SBA statute of limitations defense?

Under the Federal statute of limitations (28 U.S.C. 2415(a)), an action by the Government to recover upon a contract is barred unless filed within 6 years from the date a cause of action occurred. The date of the accrual of the cause of action may be subject to various interpretations. However, in the event of…

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Deadline set by Treasury Department when Federal Government runs out of cash: Get ready for aggressive federal debt collection!

This is a repost of a New York Times article reporting on the deadline date when the United States Federal Government runs out of cash unless the “federal debt limitations threshold” is raised.  What does this mean for you?  It potentially means a step-up in aggressive IRS and non-tax federal debt collections (such as SBA…

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Independent Investigation revealed that Taxpayers bailed out $1.3B for SBA loan defaults

This is a reprint of a news article about the billions of dollars of SBA loan default amounts and who ended up bearing the brunt of the problem loans.  Sound familiar?  Yes….bank bailout, auto industry bailout, home mortgage and collateralized debt obligations (CDO) bailout.  Now…SBA loan bailout.  SBA and AIG, as notorious acronyms actually share…

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U.S. soon won’t be able to pay bills, Treasury Department says

“WASHINGTON — Unless Congress raises the debt ceiling, the Treasury Department said that it expected to lose the ability to pay all of the government’s bills in mid-October. That means a recalcitrant Congress will face two major budget deadlines only two weeks apart, since the stopgap “continuing resolution” that finances the federal government runs out at the…

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SBA Liquidation Protocols

SBA SOP 50 51 3 is a very important standard operating procedure which needs to be understood by SBA debtors looking to resolve their SBA guaranteed debt.  We will be reviewing and commenting on this SBA SOP through a series of blog articles to give debtors knowledge as knowledge is power. SBA Liquidation A.      Responsibility…

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SBA SOP 50 51 3 – Classifying Loans in Liquidation

SBA SOP 50 51 3 is a very important standard operating procedure which needs to be understood by SBA debtors looking to resolve their SBA guaranteed debt.  We will be reviewing and commenting on this SBA SOP through a series of blog articles to give debtors knowledge as knowledge is power. A.      When Loans Must…

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The 60 Day Referral Letter to the Department of the Treasury

[vc_row el_position=”first last”] [vc_column] [vc_column_text el_position=”first last”] If you have a SBA loan default problem and you’re working with your lender to wind down the business and settle the deficiency with an SBA Offer In Compromise (SBA OIC), time is of the essence. Lenders, banks, the CDC and the SBA generally do not wait much…

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Anatomy of an SBA SOP 50 57 Loan Workout

SBA SOP 50 57 defines “workout” as “the debt collection and negotiation process as well as the final plan agreed upon by a creditor and debtor with regard to how the problems and issues surrounding the debtor’s delinquent obligation to the creditor can be ‘worked out’ or resolved.” There are several alternative workout strategies but…

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Example of Unauthorized Practice of SBA Law

The Massachusetts Bankruptcy Court, pursuant to an enforcement action brought by the United States Trustee, ordered sanctions and issued an injunction against a bankruptcy petition preparer in Lawrence, Massachusetts. The case can be found here. The petition preparer, Pinnacle Financial Consulting, LLC (“Pinnacle”) along with its owner, were ordered to pay monetary sanctions, return money…

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Helping provide real solutions to individuals who are facing SBA loan problems. Contact one of our experienced SBA Attorneys and Federal Agency Practitioners today for a Free Case Evaluation - (888) 303-6975. 

We are here to help you with your SBA loan problems.

Call our experienced attorneys at (888) 303-6975 anytime for a Free Case Evaluation