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Why an Attorney is Needed for a SBA Offer in Compromise

One of the consequences of a failing small business is SBA loan default. The owner ends up with the debt of the small business association (SBA) loan. There are a few avenues to take, once a SBA demand letter has been received. The first thing a failed business owner needs to do is hire a…

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The Broad Scope of an SBA Offer in Compromise

For many years, the Small Business Administration (SBA) has been helping individuals and small businesses acquire loans for entrepreneurial enterprises. Many small businesses are in business today thanks to the SBA. Because the SBA is a government organization, they have a broad reach and many banks, both national as well a regional, are authorized to…

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Consider Options Such as an SBA Offer in Compromise

Businesses can suffer from excessive debt, just as individuals can. According to the SBA, almost half of all small businesses fail within the first five years, mostly because of poor credit, excessive debt and insufficient capital. Borrowing is sensible when it’s needed to finance expansion or boost cash flow, but many businesses end up in…

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SBA OIG Report: Recommends $3.2m in SBA 7a Guarantee Recoveries

SBA Office of Inspector General’s High Risk 7(a) Loan Review Program Recommends $3.2 Million in Recoveries Video Transcript  The transcript of the video follows below for further review.In fiscal year 2014, the Office of Inspector General (OIG) established the High Risk 7(a) Loan Review Program to minimize losses on Small Business Administration (SBA) guaranteed loans,…

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What Is A “Charge Off” Of An SBA Loan?

You may have learned that your defaulted SBA loan was “charged off”.  You are still liable for the loan deficiency, however, and competent legal counsel is highly recommended. Video Transcript  The transcript of the video follows below for further review.What is SBA’s Policy Regarding Charge Off Accounts? Many times people think that because their defaulted…

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An SBA Offer in Compromise is a One-Time Opportunity to Settle Your SBA Loan

Many businesses of all sizes are struggling with debt. Both new and older troubled businesses have found that government legal action resulting from an SBA loan default magnifies their financial difficulties. An SBA loan foreclosure can also result in the loss of the owner’s home and other personal assets. The SBA is Being Criticized for…

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AWG Hearing: Establishing Financial Hardship

Video Transcript  The transcript of the video follows below for further review.The Debt Collection Act of 1982 (DCA) and the Debt Collection Improvement Act of 1996 (DCIA), 31 U.S.C. § 3701, 3711-3702E authorizes the U.S. Small Business Administration (SBA), by and through the Department of Treasury (Financial Management Services n/k/a the Bureau of Fiscal Service…

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Who can Help with a SBA Offer in Compromise

Most people start their own business with the highest of hopes. Many times, to fund a new business, a person will receive a loan through the SBA (Small Business Administration). While these loans are administered through the SBA, they are often facilitated by individual lenders. However, if a small business taking out one of these…

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Tips for Finding an Attorney After Receiving an SBA Offer in Compromise

When a person is facing legal issues because of an SBA loan default, finding legal help can be an intimidating prospect. Below are resources and strategies to help potential clients find the right lawyer after receiving an SBA demand letter. Determine Which Type of Lawyer is Needed Many lawyers focus their efforts on a certain…

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Appeal of a Federal Employee Salary Offset

If the Department of Treasury has garnished or offset your federal salary because of an SBA loan default, you may have the opportunity to file an appeal. Video Transcript  The transcript of the video follows below for further review.If you have defaulted on a Small Business Administration (SBA) loan and you are a federal employee,…

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