What SBA Borrowers, Obligors & Personal Guarantors Should Know About SBA 7(a) and SBA 504 Loan Defaults, Lawsuits, Liquidation and Liability
The SBA has been providing small businesses with loans since its creation in 1953. The SBA provides loans to businesses by backing lender-issued loans and guaranteeing payment of the loan in the event of an SBA loan default. Guaranteeing the loan means that, should the business default on the loan, the SBA will guaranty the…Read More
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…Read More
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…Read More
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…Read More
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…Read More
“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…Read More
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…Read More
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…Read More
[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…Read More
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.” https://sba-attorneys.com/wp-content/uploads/2013/07/anatomy-of-an-sba-sop-50-57-loan-workout.mp4 There are several alternative workout strategies…Read More
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…Read More
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