Discover how proper documentation can secure SBA loan forgiveness. Expert tips from seasoned SBA loan attorneys for successful business debt relief.
Book a Consultation CallIn the complex landscape of Small Business Administration (SBA) loans, the pathway to forgiveness can seem fraught with obstacles. At Protect Law Group, we understand the nuances of navigating these challenges and emphasize the critical role of proper documentation. As your dedicated SBA loan attorneys, we are here to guide you through the intricacies of securing your business debt relief with precision and professionalism.
The first step towards achieving SBA loan forgiveness is a thorough understanding of the criteria set forth by the SBA. It's not merely about meeting the loan's use requirements; it's about meticulously documenting every related transaction. Proper documentation serves as the foundation of your forgiveness application, demonstrating compliance with SBA guidelines. Our SBA loan lawyers are adept at helping clients identify and compile the necessary documents, ensuring that every qualifying expense is accounted for and substantiated.
Organizing your financial records is more than a best practice; it's a strategic move in your forgiveness application process. Detailed records, including bank statements, invoices, and payroll reports, are indispensable. They not only support your forgiveness claim but also prepare you for any audits by the SBA. Our team of SBA lawyers specializes in assisting clients with the organization and review of their financial documents, ensuring that your submission is both comprehensive and compliant.
The landscape of SBA loans and forgiveness programs is ever-evolving, with legislation and guidelines subject to change. Keeping abreast of these changes and understanding their implications on your forgiveness eligibility is crucial. Protect Law Group stays at the forefront of legislative developments, providing our clients with timely updates and strategic advice on adjusting their documentation practices accordingly.
Perhaps the most significant advantage of enlisting an SBA loan attorney from Protect Law Group is the professional advocacy and representation we provide. Navigating the SBA forgiveness process can be daunting, but you don't have to do it alone. Our attorneys are authorized to represent federal debtors nationwide, offering expert guidance every step of the way — from preparing your application to addressing any challenges that arise during the review process.
Securing SBA loan forgiveness is a detailed and demanding process, emphasizing the importance of proper documentation. At Protect Law Group, we are committed to offering unparalleled support and expert representation to small business owners seeking debt relief. If you're navigating the complexities of SBA forgiveness, let our experienced SBA loan lawyers guide you toward a successful resolution. Contact us today to learn more about how we can assist you in securing the financial relief your business deserves.
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 COVID EIDL for $301,000 pledging collateral by executing the Note, Unconditional Guarantee and Security Agreement. The business defaulted on the loan and the SBA CESC called the Note and Guarantee, accelerated the principal balance due, accrued interest and retracted the 30-year term schedule.
The loan was transferred to the Treasury's Bureau of Fiscal Service which resulted in the statutory addition of $90,000+ in administrative fees, costs, penalties and interest with the total debt now at $391.000+. Treasury also initiated a Treasury Offset Program (TOP) levy against the client's federal contractor payments for the full amount each month - intercepting all of its revenue and pushing the business to the brink of bankruptcy.
The Firm was hired to investigate and find an alternate solution to the bankruptcy option. After submitting formal production requests for all government records, it was discovered that the SBA failed to send the required Official 60-Day Pre-Referral Notice to the borrower and guarantor prior to referring the debt to Treasury. This procedural due process violation served as the basis to submit a Cross-Servicing Dispute to recall the debt from Treasury back to the SBA and to negotiate a reinstatement of the original 30-year maturity date, a modified workout, cessation of the TOP levy against the federal contractor payments and removal of the $90,000+ Treasury-based collection fees, interest and penalties.
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 borrowed and personally guaranteed an SBA 7(a) 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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