Learn more about SBA debt relief programs and how Protect Law Group can help with SBA repayment plan negotiations. Get in touch with us today.
Book a Consultation CallFacing overwhelming debts can be daunting for small business owners, but there is relief available through the Small Business Administration (SBA) repayment plans. In this blog post, we will explore the ins and outs of SBA repayment plans and how they can be beneficial for your business. If you are struggling with SBA debt, Protect Law Group is here to provide expert assistance. Contact us today for a case evaluation.
As a small business owner, you may find yourself burdened with substantial debt. The SBA debt relief program offers a lifeline by providing options to ease your financial strain. These programs aim to restructure your debts and make them more manageable, allowing you to regain control of your business.
Under this program, the SBA may offer relief by covering a portion of your loan repayments, reducing your interest rates, or extending the repayment period. This can significantly alleviate the burden of your debts and give you the breathing room you need to stabilize your business.
SBA repayment plans are designed to help you pay down your debts in a structured and feasible manner. These plans typically involve negotiations with the SBA or your lender to lower monthly payments or settle the debt for a reduced amount. With the experience of Protect Law Group's SBA attorneys, you can navigate these negotiations effectively, ensuring the best outcome for your business.
Opting for an SBA repayment plan offers several advantages. It allows you to avoid more severe consequences, such as bankruptcy or home foreclosure. Moreover, it provides a path towards regaining financial stability and preserving your business.
If SBA debt has become overwhelming for your small business, seek the expert guidance of Protect Law Group. Our attorneys understand the intricacies of SBA repayment plans and will work tirelessly to tailor a solution that suits your unique circumstances. Contact us today for a case evaluation and take the first step towards finding your path to business debt recovery.
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.
The clients are personally guaranteed an SBA 7(a) loan. The SBA referred the debt to the Department of Treasury, which was seeking payment of $487,981 from our clients. We initially filed a Cross-Servicing Dispute, which was denied. As a result, we filed an Appeals Petition with the SBA Office of Hearings and Appeals asserting legal defenses and supporting evidence uncovered during the discovery and investigation phase of our services. Ultimately, the SBA settled the debt for $25,000 - saving our clients approximately $462,981.
Client personally guaranteed SBA 7(a) loan for $150,000. COVID-19 caused the business to fail, and the loan went into default with a balance of $133,000. Client initially hired a non-attorney consultant to negotiate an OIC. The SBA summarily rejected the ineligible OIC and the debt was referred to Treasury’sBureau of Fiscal Service for enforced collection in the debt amount of $195,000. We were hired to intervene and initiated discovery for SBA and Fiscal Service records. We were able to recall the case from Fiscal Service back to the SBA. We then negotiated a structured workout with favorable terms that saves the client approximately $198,000 over the agreed-upon workout term by waiving contractual and statutory administrative fees, collection costs, penalties, and interest.
The client personally guaranteed an SBA 7(a) loan for $150,000. His business revenue decreased significantly causing default and an accelerated balance of $143,000. The client received the SBA's Official 60-day notice with the debt scheduled for referral to the Treasury’s Bureau of Fiscal Service for aggressive collection in less than 26 days. We were hired to represent him, respond to the SBA's Official 60-day notice, and prevent enforced collection by the Treasury and the Department of Justice. We successfully negotiated a structured workout with an extended maturity date that included a reduction of the 14% interest rate and removal of substantial collection fees (30% of the loan balance), effectively saving the client over $242,000.
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