If you Owe more than $30,000 contact us for a free case evaluation at (833) 428-0937
contact us for a free case evaluation at (833) 428-0937
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SBA Office of Inspector General Releases Semi-Annual Report

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SBA Office of Inspector General Releases Semi-Annual Report

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.

The Office of Inspector General (OIG) provides independent, objective oversight to improve the integrity, accountability, and performance of SBA and its programs. The SBA deals with  challenges in carrying out its mission. Challenges include fraudulent schemes affecting all SBA programs, significant losses from SBA loan defaults, procurement flaws that allow large firms to obtain small business awards, excessive improper payments, and outdated legacy information systems.

The Semi-Annual Report identified several incidences of borrower fraud or other malfeasance that resulted in criminal or other punitive actions.  SBA borrowers should take note and refrain from similar activities as it may result in criminal charges and eliminate any chance of an SBA offer in compromise. Download a copy of the Semi-Annual Report here: sar_fall_2016_publication_draft_-_508-1

  • A business owner made a cash payment to a bank employee and submitted false tax returns to obtain an SBA business loan.
  • A company falsely represented and certified that it was a small business in order to compete for and obtain Federal small business set-aside contracts.
  • Individuals conspired to obtain a $2 million SBA-guaranteed loan by concealing the borrower’s extensive criminal history.
  • An individual prepared false financial statements in order to obtain over $4.86 million in SBA loans to refinance his failing businesses.
  • Individuals made false statements to a bank and SBA in order to secure an SBA economic injury disaster loan.
  • Individual assisted in preparing false tax returns which were used to fraudulently obtain SBA and non-SBA loans.
  • Individual submitted false information and documents to SBA in support of his disaster loan application. Proceeds of the loan were misused by paying for personal expenses, including a wedding in Cancun, Mexico.

 If you are facing an SBA loan default, contact us at 1-888-756-9969 for a FREE initial consultation.

Why Hire Us to Help You with Your Treasury or SBA Debt Problems?

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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

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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

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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.

$337,000 SBA 504 LOAN - SBA OIC CASH SETTLEMENT

$337,000 SBA 504 LOAN - SBA OIC CASH SETTLEMENT

Clients personally guaranteed 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.

$220,000 SBA 7A LOAN -DOT WAIVER OF ADMINISTRATIVE FEES & COSTS

$220,000 SBA 7A LOAN -DOT WAIVER OF ADMINISTRATIVE FEES & COSTS

Clients personally guaranteed an SBA 7(a) loan that was referred to the Department of Treasury for collection.  Treasury claimed our clients owed over $220,000 once it added its statutory collection fees and interest.  We were able to negotiate a significant reduction of the total claimed amount from $220,000 to $119,000, saving the clients over $100,000 by arguing for a waiver of the statutory 28%-30% administrative fees and costs.

$505,000 SBA 7(A) LOAN - FEDERAL DISTRICT COURT LITIGATION (CALIFORNIA)

$505,000 SBA 7(A) LOAN - FEDERAL DISTRICT COURT LITIGATION (CALIFORNIA)

Clients borrowed and personally guaranteed an SBA 7a loan.  Clients defaulted on the SBA loan and were sued in federal district court for breach of contract.  The SBA lender demanded the Client pledge several personal real estate properties as collateral to reinstate and secure the defaulted SBA loan.  We were subsequently hired to intervene and aggressively defend the lawsuit.  After several months of litigation, our attorneys negotiated a reinstatement of the SBA loan and a structured workout that did not involve any liens against the Client's personal real estate holdings.

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