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.
Our firm successfully negotiated an SBA offer in compromise (SBA OIC), settling a $974,535.93 SBA loan balance for just $18,000. The offerors, personal guarantors on an SBA 7(a) loan, originally obtained financing to purchase a commercial building in Lancaster, California.
The borrower filed for bankruptcy, and the third-party lender (TPL) foreclosed on the property. Despite the loan default, the SBA pursued the offerors for repayment. Given their limited income, lack of significant assets, and approaching retirement, we presented a strong case demonstrating their financial hardship.
Through strategic negotiations, we secured a favorable SBA settlement, reducing the nearly $1 million debt to a fraction of the amount owed. This outcome allowed the offerors to resolve their liability without prolonged financial strain.
Client personally guaranteed SBA 7(a) loan for $350,000. The small business failed but because of the personal guarantee liability, the client continued to pay the monthly principal & interest out-of-pocket draining his savings. The client hired a local attorney but quickly realized that he was not familiar with SBA-backed loans or their standard operating procedures. Our firm was subsequently hired after the client received the SBA's official 60-day notice. After back-and-forth negotiations, we were able to convince the SBA to reinstate the loan, retract the acceleration of the outstanding balance, modify the original terms, and approve a structured workout reducing the interest rate from 7.75% to 0% and extending the maturity date for a longer period to make the monthly payments affordable. In conclusion, not only we were able to help the client avoid litigation and bankruptcy, but our SBA lawyers also saved him approximately $227,945 over the term of the workout.
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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