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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.
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.
Clients' 7(a) loan was referred to Treasury's Bureau of Fiscal Service for enforced collection in 2015. They not only personally guaranteed the loan, but also pledged their primary residence as additional collateral. One of the clients filed for Chapter 7 bankruptcy thinking that it would discharge the SBA 7(a) lien encumbering their home. They later discovered that they were mistakenly advised. The Firm was subsequently hired to review their case and defend against a series of collection actions. Eventually, we were able to negotiate a structured workout for $180,000 directly with the SBA, saving them approximately $250,000 (by reducing the default interest rate and removing Treasury's substantial collection fees) and from possible foreclosure.
Clients personally guaranteed SBA 504 loan balance of $750,000. Clients also pledged the business’s equipment/inventory and their home as additional collateral. Clients had agreed to a voluntary sale of their home to pay down the balance. We intervened and rejected the proposed home sale. Instead, we negotiated an acceptable term repayment agreement and release of lien on the home.
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.
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