Discover the pros & cons of SBA loan modification with Protect Law Group. Expert SBA debt relief help for small businesses. Take control today!
Book a Consultation CallAre you a small business owner struggling under the weight of SBA debt? The road to financial recovery might be closer than you think with the comprehensive assistance of Protect Law Group's SBA Debt Relief Program. In this blog, we'll explore the ins and outs of SBA loan modification, shedding light on the pros and cons while showcasing why Protect Law Group is your ultimate partner in navigating the complex realm of Small Business Debt Relief. Get in touch with our team today and get answers to all your questions.
1. Tailored Solutions: One size does not fit all in the world of debt relief. Protect Law Group understands this well. Our team of experts crafts customized SBA debt relief plans, addressing your unique business challenges and financial constraints.
2. Financial Resilience: Through strategic SBA loan modification, you gain the opportunity to regain financial stability without resorting to bankruptcy. Our proven methodologies can significantly lower your monthly payments, providing breathing room for your business to recover.
3. Expert Negotiation: Navigating the bureaucratic landscape of SBA debt relief can be daunting. The skilled negotiators at Protect Law Group have an in-depth understanding of the system. They work tirelessly to secure the best possible terms for you, ensuring you reap the benefits of the Best Debt Relief solutions.
4. Peace of Mind: Dealing with SBA debt can be emotionally draining. Our dedicated team not only handles the intricacies of debt relief but also offers the emotional support you need during this challenging journey.
1. Process Complexity: SBA loan modification involves a labyrinth of regulations and paperwork. However, with Protect Law Group by your side, you don't have to face this complexity alone. We streamline the process, ensuring efficiency and accuracy every step of the way.
2. Potential Credit Impact: It's important to note that debt relief might have an impact on your credit score. However, the long-term benefits of financial stability often outweigh short-term credit concerns.
3. Time-Consuming: The road to Small Business Debt Relief can be time-consuming due to paperwork, negotiations, and approvals. But, with the guidance of Protect Law Group's seasoned professionals, you can be assured of a smoother and faster journey.
At Protect Law Group, we're not just counselors; we're partners dedicated to your success. Our commitment to providing top-tier debt relief help is evident in every success story we've helped write. Don't wait to alleviate the burden of SBA debt — take control of your financial future today. Contact Protect Law Group and experience firsthand how our SBA Debt Relief Program can transform your business trajectory. Your journey to financial freedom starts with a call.
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.
Client’s small business obtained an SBA 7(a) loan for $150,000. He and his wife signed personal guarantees and pledged their home as collateral. The SBA loan went into default, the term or maturity date was accelerated and demand for payment of the entire amount claimed was made. The SBA lender’s note gave it the right to adjust the default interest rate from 7.25% to 18% per annum. The business filed for Chapter 11 bankruptcy but was dismissed after 3 years due to its inability to continue with payments under the plan. Clients wanted to file for Chapter 7 bankruptcy, which would have been a mistake as their home had significant equity to repay the SBA loan balance in full as the Trustee would likely seize and sell the home to repay the secured and unsecured creditors. However, the SBA lender opted to pursue the SBA 7(a) Guaranty and subsequently assigned the loan and the right to enforce collection to the SBA. Clients then received the SBA Official 60-Day Notice and hired the Firm to respond to it and negotiate on their behalf. Clients disputed the SBA’s alleged balance of $148,000, as several payments made to the SBA lender during the Chapter 11 reorganization were not accounted for. To challenge the SBA’s claimed debt balance, the Firm Attorneys initiated expedited discovery to obtain government records. SBA records disclosed the true amount owed was about $97,000. Moreover, because the Clients’ home had significant equity, they were not eligible for an Offer in Compromise or an immediate Release of Lien for Consideration, despite being incorrectly advised by non-attorney consulting companies that they were. Instead, our Firm Attorneys recommended a Workout of $97,000 spread over a lengthy term and a waiver of the applicable interest rate making the monthly payment affordable. After back and forth negotiations, SBA approved the Workout proposal, thereby saving the home from imminent foreclosure and reducing the Clients' liability by nearly $81,000 in incorrect principal balance, accrued interest, and statutory collection fees.
Our firm successfully facilitated the SBA settlement of a COVID-19 Economic Injury Disaster Loan (EIDL) f borrower received an SBA disaster loan of $150,000, but due to the severe economic impact of the COVID-19 pandemic, the business was unable to recover.
Despite the borrower’s efforts to maintain operations, shutdowns and restrictions significantly reduced the customer base and revenue, making continued operations unsustainable. After a thorough business closure review, we negotiated with the SBA, securing a resolution where the borrower paid only $6,015 to release the collateral, with no further financial liability for the owner/officer.
This case demonstrates how businesses affected by the pandemic can navigate SBA loan settlements effectively. If your business is struggling with an SBA EIDL loan, we specialize in SBA Offer in Compromise (SBA OIC) solutions to help close outstanding debts while minimizing financial burden.
Clients personally guaranteed an SBA 504 loan balance of $337,000. The Third Party Lender had obtained a Judgment against the clients. We represented clients before the SBA and negotiated an SBA OIC that was accepted for $30,000.
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