Posts by SBA Attorneys
Did you know that the U.S. Treasury Department offset almost $4 million from the 9/11 first responders fund?
According to various news reports, it has been discovered that the U.S. Treasury Department has been withholding millions of dollars from first responders treated by the FDNY World Trade Center Health Program through the Treasury Offset Program On the 19th anniversary of the September 11, 2001 terrorist attacks, since two hijacked planes collided with the…
Read MoreFailed SBA PPP & EIDL Loans: What to do?
FAILED SMALL BUSINESSES & LIABILITY FOR SBA PPP LOANS While the U.S. transitions from summer to fall in the wake of the Presidential Election on November 3, 2020 against the backdrop of surging COVID-19 cases, it is very possible that a good chunk of small businesses will eventually close their doors despite having received federal…
Read MoreSBA EIDL LOAN FRAUD & ABUSE
The SBA Office of Inspector General (OIG) recently issued an Alert regarding SBA EIDL Loans and the potential warning signs involving COVID-19 fraud and abuse. This video article is an exact reproduction of the SBA OIG’s Notice of Alert that was published on 7/14/2020. Lender Alert: Economic Injury Disaster Loans The Small Business Administration’s (SBA’s)…
Read MoreAre Treasury’s Collection Fees Unreasonable?
Are Treasury’s Collection Fees Unreasonable? When a federal non-tax debt (SBA, HUD, Department of Education or DFAS) is transferred to the U.S Treasury Department’s Bureau of Fiscal Service for collection, the agency automatically adds collection fees up to 32% of the principal amount originally claimed. Let’s say you defaulted on an SBA loan in the…
Read MoreWhat to expect when you default on your SBA loan?
What to expect when you default on your SBA loan? Failure to Pay: Material Default Small business owners face unprecedented times in this covid-19 economy. Many businesses have 2 major expenses to service every month: (1) SBA loan and (2) Commercial lease. A material default occurs when the small business is not able to pay…
Read MoreSBA Relief Efforts for Small Businesses Affected by Coronavirus Pandemic
SBA Help for Coronavirus Outbreak: SBA Programs Available for Small Businesses as Domino Effect Begins to Unfold within the Next 4-8 Weeks Unfortunately, the Coronavirus (aka COVID-19) has breached our borders so prevention is no longer a viable remedy. Travel blockades and restrictions will not be effective. Now that the virus is in the U.S.,…
Read MoreWhat 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 MoreWhy 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 MoreCommentary on the Government Shutdown: Seize the opportunity to settle your SBA or Treasury’s Bureau of Fiscal Service Debt
The government shutdown began December 22, 2018 after Trump and congressional Democrats could not agree on funding for the president’s long-sought southern border wall. Trump and Democrats have remained at a stalemate with no discernible progress in sight. https://sba-attorneys.com/wp-content/uploads/2019/01/commentary-on-the-government-shutdown-seize-the-opportunity-to-settle-your-sba-or-treasurys-bureau-of-fiscal-service-debt.mp4 The president told Democrats he was willing to have the government shut down for “years” over his…
Read MoreCHALLENGING ADMINISTRATIVE WAGE GARNISHMENT NOTICES OF SBA DEBTS REFERRED TO TREASURY’S BUREAU OF FISCAL SERVICE
What is the difference between a garnishment and an Administrative Wage Garnishment (AWG)? Garnishment allows a creditor to recover from a debtor through an attachment of property in possession of a third party, and wage garnishment is when that property consists of the debtor’s wages in the hands of his or her employer. https://sba-attorneys.com/wp-content/uploads/2019/01/challenging-administrative-wage-garnishment-notices-of-sba-debts-referred-to-treasurys-bureau-of-fiscal-service.mp4 Administrative…
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