SBA Loan News - Loans to Military Vets
Dealing with an SBA OIC case can be hard. You should allow one of our lawyers to settle SBA debt for you. Talk to us about your SBA loan default.
Protect Law Group is committed to resolving your SBA loan default problems. Our experienced attorneys can help you through the SBA loan default process with an SBA offer in compromise, administrative wage garnishment defense, or other SBA loan forgiveness processes.
SBA head, Maria Contreras-Sweet, issued her final report as she will be replaced with the new Trump administration. You can down load the report here: sba-exit-memo
Contreras-Sweet noted that early in the financial crisis crisis, SBA fought to protect small businesses from the worst of the downturn. As the economy rebounded, SBA worked to ensure that small businesses continued to share in that recovery. She noted that the SBA focused on four areas:
1. Improving access to capital by modernizing our programs and systems.
2. Expanding opportunities for entrepreneurs from every corner of our nation.
3. Improving support structures for entrepreneurs and catalyzing high-growth, high-impact startups.
4. Broadening access to global markets through exporting.
Since 2009, Contreras-Sweet noted, the SBA guaranteed $179 billion in small business loans, more than any other administration in history. Annual SBA lending in the largest programs was up more than 160 percent since the depths of the recession according to the memo.
The number of SBA loan defaults spiked during the recession, however. In 2004 the default rate was 2.4% but rocketed to nearly 12% by 2009. Former business owner continue to feel the pressure of SBA loan defaults, which occurred during the recession. No statute of limitations exists as to the government's ability to collect on SBA loan defaults and, therefore, even a default that occurred in 2009, for example, remains subject to government collection.
The incoming SBA administrator will face better economic conditions going forward but the results of the recession on SBA loan guarantors will continue.
If you are facing an SBA loan default, contact us at 1-888-756-9969 for a FREE initial consultation. Protect Law Group has helped debtors throughout the United States settle their SBA debt.
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 personally guaranteed an SBA 7(a) loan to help with a relative’s new business venture. After the business failed, Treasury was able to secure a recurring Treasury Offset Program (TOP) levy against his monthly Social Security Benefits based on the claim that he owed over $1.2 million dollars. We initially submitted a Cross-Servicing Dispute, but then, prepared and filed an Appeals Petition with the SBA Office of Hearings and Appeals (SBA OHA). As a result of our efforts, we were able to convince the SBA to not only terminate the claimed debt of $1.2 million dollars against our client (without him having to file bankruptcy) but also refund the past recurring amounts that were offset from his Social Security Benefits in connection with the TOP levy.
Clients personally guaranteed SBA 7(a) loan balance of over $300,000. Clients also pledged their homes as additional collateral. SBA OIC accepted $87,000 with the full lien release against the home.
Our firm successfully resolved an SBA COVID-19 Economic Injury Disaster Loan (EIDL) default in the amount of $150,000 on behalf of Illinois-based client. After the business permanently closed due to the economic impacts of the pandemic, the owners faced potential personal liability if the business collateral was not liquidated properly under the SBA Security Agreement.
We guided the client through the SBA’s Business Closure Review process, prepared a comprehensive financial submission, and negotiated directly with the SBA to release the collateral securing the loan. The borrower satisfied their collateral obligations with a payment of $2,075, resolving the SBA’s security interest.
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