Can the SBA Seize Assets from an Estate After the Business Owners Pass Away?
Protect Law Group can provide the path forward for SBA debtors and guarantors before claims are made against your estate. Book a consultation call with us today!
Former Senator Kelly Loeffler testified before the Senate Committee on Small Business and Entrepreneurship as part of her confirmation hearing for SBA Administrator. She outlined her priorities, including reducing regulatory burdens, expand
Book a Consultation CallOn January 29, 2025, former Senator Kelly Loeffler testified before the Senate Committee on Small Business and Entrepreneurship as part of her confirmation process for Administrator of the Small Business Administration (SBA). Her testimony provided valuable insights into her vision for the SBA and the policies she aims to implement if confirmed. Below, we break down the key points she addressed during the hearing and what they mean for small business owners.
Loeffler emphasized her dedication to advocating for small businesses, recognizing them as the backbone of the American economy. She noted that small businesses employ nearly half of the U.S. workforce and stressed the need for policies that foster growth, sustainability, and innovation. Her testimony reflected a strong focus on ensuring that entrepreneurs and small business owners have the resources they need to start, expand, and succeed.
A key highlight of Loeffler’s testimony was her experience in business and finance, which she believes makes her well-suited to lead the SBA. She detailed her tenure as the Chief Communications and Marketing Officer at Intercontinental Exchange, where she worked on financial services that impact businesses of all sizes. Additionally, she referenced her time as a co-owner of the WNBA team Atlanta Dream, where she dealt with operational and financial challenges firsthand. Loeffler asserted that her background in corporate leadership and financial markets will help her craft SBA policies that are practical and results-driven.
One of the most anticipated topics of her testimony was her policy priorities if confirmed as SBA Administrator. Loeffler highlighted three main areas of focus:
Strengthening SBA Programs Post-COVIDLoeffler also addressed how she would strengthen SBA programs, particularly in response to the COVID-19 pandemic. She acknowledged that many businesses struggled with shutdowns, supply chain disruptions, and labor shortages. If confirmed, she pledged to improve the administration of SBA loans and disaster relief programs to better support businesses in future crises.Commitment to Transparency & AccountabilityA key theme of Loeffler’s testimony was transparency and accountability. She assured lawmakers that, under her leadership, the SBA would focus on efficient program delivery and responsible resource allocation. By improving oversight and reducing inefficiencies, she hopes to restore trust between the SBA and small business owners.What’s Next?Loeffler’s nomination is currently under Senate review, and a confirmation vote is expected soon. If confirmed, small business owners can anticipate a focus on deregulation, expanded funding opportunities, and enhanced SBA programs.For business owners looking to navigate SBA loans, SBA settlements, or SBA Offer in Compromise (SBA OIC) options, staying informed about upcoming policy changes is crucial. Contact us today for guidance on SBA-related matters.
You can review the entire transcript here: https://www.c-span.org/program/senate-committee/small-business-administrator-nominee-kelly-loeffler-testifies-at-confirmation-hearing/655049?utm_source=chatgpt.com
Millions of Dollars in SBA Debts Resolved via Offer in Compromise and Negotiated Repayment Agreements without our Clients filing for Bankruptcy or Facing Home Foreclosure
Millions of Dollars in Treasury Debts Defended Against via AWG Hearings, Treasury Offset Program Resolution, Cross-servicing Disputes, Private Collection Agency Representation, Compromise Offers and Negotiated Repayment Agreements
Our Attorneys are Authorized by the Agency Practice Act to Represent Federal Debtors Nationwide before the SBA, The SBA Office of Hearings and Appeals, the Treasury Department, and the Bureau of Fiscal Service.
Our firm successfully resolved an SBA 7a loan in the original amount of $364,000 for a New Jersey-based borrower. The client filed Chapter 7 bankruptcy but the mortgage on his real estate securing the loan remained in place. The available equity amounted to $263,470 and the deficiency equaled $317,886.
We gathered the pertinent documentation and prepared a comprehensive collateral analysis. We negotiated directly with the SBA, obtaining a full release of the mortgage for $80,000.
Client personally guaranteed SBA 7(a) loan balance of over $150,000. Business failed and eventually shut down. SBA then pursued client for the balance. We intervened and was able to present an SBA OIC that was accepted for $30,000.
Our firm successfully resolved an SBA COVID-19 Economic Injury Disaster Loan (EIDL) in the original amount of $150,000 for a Florida-based borrower. The loan, issued on June 4, 2020, was secured by business assets and potential personal liability through the SBA's Security Agreement.
Following the permanent closure of the business, we guided the client through the SBA’s Business Closure Review process and prepared a comprehensive collateral analysis. We negotiated directly with the SBA, obtaining a full release of the business collateral for $2,910 — satisfying the borrower’s obligations under the Security Agreement and eliminating any further enforcement risk against the pledged assets.
.jpg)
