How to Fill Out a Personal Financial Statement in 8 Simple Steps
Are you struggling with SBA paperwork? That's totally understandable. Click here to learn how to fill out a personal financial statement
Protect Law Group can provide the path forward for recipients of the EIDL program seeking loan forgiveness. Book a consultation call with us today!
Book a Consultation CallProtect Law Group represents small business owners with more than $30,000 of debt before the Small Business Association (SBA) and the Treasury Department's Bureau of Fiscal Service. When talking about different types of small business loans, a key program to understand is the Economic Injury Disaster Loan (EIDL), which has been crucial for many businesses and entrepreneurs during challenging times.
The EIDL loan is for any businesses located in an official disaster area or experiencing substantial economic injury. The SBA has introduced the EIDL Hardship Accommodation Plan, which helps those facing continued financial difficulties. In this blog post, we will explore what the plan entails and how it can benefit loan recipients seeking EIDL loan forgiveness.
Many EIDL loan recipients are eager to achieve loan forgiveness to alleviate their financial burdens. If you fall on continued hard times after receiving the EIDL, there is a plan forward. The process of EIDL loan forgiveness involves meeting certain criteria set by the SBA.
The EIDL Hardship Accommodation Plan is designed to offer relief to borrowers who are struggling to repay their EIDL loans due to unforeseen, short-term financial hardships. This plan allows borrowers to request accommodations such as loan term extensions, payment deferrals, and other options to help them manage their loan obligations more effectively.
To qualify for the EIDL Hardship Accommodation Plan, borrowers must demonstrate that they are facing financial difficulty that impacts their ability to repay their EIDL loan, such as being default on payments. Borrowers can submit a request for accommodation to the SBA, outlining their specific circumstances and providing any supporting documentation as needed. At Protect Law Group, we are committed to helping borrowers through this process.
By participating in the EIDL Hardship Accommodation Plan, borrowers can potentially avoid defaulting on their EIDL loans and preserve their credit ratings. The accommodations provided under this plan can help borrowers navigate challenging financial situations and work towards achieving EIDL loan forgiveness in the long run.
The EIDL Hardship Accommodation Plan serves as a valuable resource for recipients who are facing financial difficulties after receiving and seeking forgiveness. Protect Law Group can assist you in navigating this process from start to finish by outlining steps, negotiating on your behalf, and offering small business law expertise. By understanding the purpose of this plan, how to qualify for it, and the benefits it offers, borrowers can take proactive steps to manage their EIDL loans effectively and secure their financial stability.
If you are experiencing financial hardships related to your EIDL loan, book a consultation call with us to explore the next steps. Protect Law Group can provide the support you need to overcome these challenges and move forward with confidence.
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 received the SBA's Official 60-Day Notice for a loan that was obtained by her small business in 2001. The SBA loan went into default in 2004 but after hearing nothing from the SBA lender or the SBA for 20 years, out of the blue, she received the SBA's collection due process notice which provided her with only one of four options: (1) repay the entire accelerated balance immediately; (2) negotiate a repayment arrangement; (3) challenge the legal enforceability of the debt with evidence; or (4) request an OHA hearing before a U.S. Administrative Law Judge.
Client hired the Firm to represent her with only 13 days left before the expiration deadline to respond to the SBA's Official 60-Day Notice. The Firm attorneys immediately researched the SBA's Official loan database to obtain information regarding the 7(a) loan. Thereafter, the Firm attorneys conducted legal research and asserted certain affirmative defenses challenging the legal enforceability of the debt. A written response was timely filed to the 60-Day Notice with the SBA subsequently agreeing with the client's affirmative defenses and legal arguments. As a result, the SBA rendered a decision immediately terminating collection of the debt against the client's alleged personal guarantee liability saving her $50,000.
Clients executed several trust deeds pledging seven (7) real estate properties and unconditional personal guarantees for an SBA 7(a) loan from the participating lender. The clients' small business failed and eventually defaulted on repayment of the loan exposing all collateral pledged by the clients. The SBA subsequently acquired the loan balance from the lender, including the right to liquidate and collect all pledged collateral pursuant to the trust deed instruments.
The Firm was hired to negotiate separate release of lien proposals for all 7 real estate properties. In preparation for the work assignment, the Firm Attorneys initiated discovery to secure records from the SBA and Treasury's Bureau of Fiscal Service. After reviewing the records and understanding the interplay between the lender and the SBA, the attorneys then prepared, submitted and negotiated the release of lien (ROL) for each of the 7 real estate properties for consideration.
After submitting the proposals, the assigned SBA Loan Specialists approved each ROL package - significantly reducing the total SBA debt claimed.
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.
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