SBA CARES Act: SBA OHA Appeals Litigation Regarding Paycheck Protection Program (PPP) Loan Review Decisions
The Small Business Administration (SBA) has issued interim final rules (IFR) concerning Paycheck Protection Program (PPP) borrowers and SBA PPP lenders and the process that a PPP borrower must comply in order to appeal certain SBA loan review decisions to the SBA Office of Hearings and Appeals (OHA). This IFR establishes a new subpart L…Read More
What Loss Mitigation Measures Can SBA Lenders & CDCs Offer to SBA Loan Borrowers Facing Financial Hardship?
What is Loss Mitigation? It is generally defined as the process an SBA lender or CDC goes through to work with a small business borrower or obligor who is behind on loan payments, to create a workable solution, typically resulting in either a loan modification, structured workout or the sale of assets pledged as collateral…Read More
$75 Billion in Bank Loans to Small Businesses are exposed to SBA loan default due to the COVID-19 pandemic
For the 3 fiscal years preceding the COVID-19 pandemic, U.S. banks underwrote approximately $75 billion in loans through the SBA’s flagship 7(a) loan program to small businesses. Although the SBA has authorized guarantees up to a certain portion of these loans – somewhere in the ballpark of $25 billion – should small businesses ultimately default…Read More
Did you know that the U.S. Treasury Department offset almost $4 million from the 9/11 first responders fund?
According to various news reports, it has been discovered that the U.S. Treasury Department has been withholding millions of dollars from first responders treated by the FDNY World Trade Center Health Program through the Treasury Offset Program On the 19th anniversary of the September 11, 2001 terrorist attacks, since two hijacked planes collided with the…Read More
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
Wondering how to fill out a personal financial statement? When you’re filling out this document, it’s crucial to understand how to do it correctly. Filling out the document correctly can keep you from having to go back and do it again. In this article, we will give you a step-by-step guide to filling it out.…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
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