FAILED SMALL BUSINESSES & LIABILITY FOR SBA PPP LOANS While the U.S. transitions from summer to fall in the wake of the Presidential Election on November 3, 2020 against the backdrop of surging COVID-19 cases, it is very possible that a good chunk of small businesses will eventually close their doors despite having received federal…Read More
The SBA Office of Inspector General (OIG) recently issued an Alert regarding SBA EIDL Loans and the potential warning signs involving COVID-19 fraud and abuse. This video article is an exact reproduction of the SBA OIG’s Notice of Alert that was published on 7/14/2020. Lender Alert: Economic Injury Disaster Loans The Small Business Administration’s (SBA’s)…Read More
Are Treasury’s Collection Fees Unreasonable? When a federal non-tax debt (SBA, HUD, Department of Education or DFAS) is transferred to the U.S Treasury Department’s Bureau of Fiscal Service for collection, the agency automatically adds collection fees up to 32% of the principal amount originally claimed. Let’s say you defaulted on an SBA loan in the…Read More
What to expect when you default on your SBA loan? Failure to Pay: Material Default Small business owners face unprecedented times in this covid-19 economy. Many businesses have 2 major expenses to service every month: (1) SBA loan and (2) Commercial lease. A material default occurs when the small business is not able to pay…Read More
The new part of the bankruptcy code is aimed at making reorganizing small businesses easier, more streamlined, and less costly. Read on to learn more. The new option for troubled SBA loans How Is Chapter 11 Subchapter V Different? The new Chapter 11 Subchapter V bankruptcy has many differences from a regular Chapter 11. For…Read More
Being in debt is never a fun experience, but it is one that most Americans are familiar with. Almost all adult Americans have some form of debt. Moreover, the type and severity of this debt vary from person to person, but it is a situation that bonds us whether we like it or not. Administrative…Read More
SBA Help for Coronavirus Outbreak: SBA Programs Available for Small Businesses as Domino Effect Begins to Unfold within the Next 4-8 Weeks Unfortunately, the Coronavirus (aka COVID-19) has breached our borders so prevention is no longer a viable remedy. Travel blockades and restrictions will not be effective. Now that the virus is in the U.S.,…Read More
The Need To Know Business Terms For A Business Loan Are you ready to apply for a business loan for your company? Review our need to know business terms so you know what you are getting out of your loan. Be mindful of your business loan’s terms and conditions Do you know that a large…Read More
What can happen if an SBA loan obligor omitted or falsified information in the SBA loan application or the SBA Offer in Compromise?
Engaging in fraud may trigger an investigation by the SBA Office of Inspector General and U.S. Department of Justice One of the most concerning factors an SBA debtor needs to be wary of is submitting a “false statement” or making a material “omission” in documents submitted to the SBA. Many problems can occur if false…Read More
Why You Should Not Prepare An SBA Offer In Compromise By Yourself Or Hire A Non-Attorney Company To Help With The Submission Of An SBA OIC
SBA Offer in Compromise Fraud: Why You Should Not Do It Yourself or Hire a Non-Attorney? If you have received either a letter from the SBA lender or CDC calling for a default, electing to accelerate the SBA loan balance and a demand for payment or the Official 60-Day Due Process Notice from the SBA,…Read More
Whether you have defaulted on an SBA loan or have moved on from your business partners but still remain liable for an SBA loan, options exist for eliminating your debt. Your Liability for an SBA Loan If your business obtained an SBA loan, you more than likely signed a personal guarantee. This personal guarantee states…Read More
You discovered that the SBA reported a defaulted loan on your credit report. Read on to learn more about how to dispute your credit report. Dispute Credit Report You Should Review Your Credit Report Annually As part of your annual to do list, obtain a copy of your credit report to check for negative credit…Read More
Helping provide real solutions to individuals who are facing SBA loan problems. Contact one of our experienced SBA Attorneys and Federal Agency Practitioners today for a Free Case Evaluation - (833) 428-0933.