If you are struggling to make your monthly SBA loan payments, you are not alone. Many business owners have turned to Protect Law Group for help. We are a team of experienced SBA loan attorneys who specialize in helping our clients resolve their SBA debt. In this blog post, we will be discussing four types of SBA debt resolution services that we offer. Keep reading to learn more and contact us today to get started with our SBA debt resolution services!
If you are being sued by the SBA, we can help. We will review your case and determine the best course of action. We may be able to get the lawsuit dismissed or settled for a fraction of what you owe.
We can help you modify your loan terms so that you can afford the monthly payments. We will work with your lender to try to get a lower interest rate, extended repayment term, or both.
If the SBA has placed a lien on your property, we can help you get it released. We will negotiate with the SBA to try to get the lien removed. Our team is experienced with SBA loans so contact us today to get help with a lien on your property!
If you are unable to afford the monthly payments on your SBA loan, we can negotiate a repayment plan with the SBA. We will work with you to try to get a lower monthly payment that you can afford.
If you are struggling to make your monthly SBA loan payments, contact Protect Law Group today. Whether you need help with loan modifications or repayment plan negotiations, we can help you resolve your SBA debt and get back on track. Book your consultation call today to get started!
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.
Our firm successfully resolved an SBA 7(a) loan default in the amount of $140,000 on behalf of a husband-and-wife guarantor pair. The business had closed following a prolonged decline in revenue, leaving the borrowers personally liable for the remaining balance.
After conducting a comprehensive financial analysis and preparing a detailed SBA Offer in Compromise (SBA OIC) package, we negotiated directly with the SBA and the lender to achieve a settlement for $70,000 — just 50% of the outstanding balance. This settlement released the borrowers from further personal liability and allowed them to move forward without the threat of enforced collection.
Our firm successfully facilitated the SBA settlement of a COVID-19 Economic Injury Disaster Loan (EIDL) where 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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