If you obtain an SBA loan – specifically a 7(a) loan, you can use the loan proceeds to help finance a great variety of business expenses. However, there are a few restrictions. For instance, loan funds can’t be used to purchase an asset to maintain for its potential increased value or to reimburse an owner…Read More
SBA SOP 50 57 defines “workout” as “the debt collection and negotiation process as well as the final plan agreed upon by a creditor and debtor with regard to how the problems and issues surrounding the debtor’s delinquent obligation to the creditor can be ‘worked out’ or resolved.” https://sba-attorneys.com/wp-content/uploads/2013/07/anatomy-of-an-sba-sop-50-57-loan-workout.mp4 There are several alternative workout strategies…Read More
https://www.youtube.com/watch?v=9mn40g6t760 If your SBA loan is in default your loan is subject to what is known as SBA charge off and referral to the Treasury Department. The Treasury Department can take severe action to collect on the debt – taking your tax return, garnishing your wages, etc. This is a huge problem for the…Read More
Having an SBA loan default can be a daunting and confusing situation. Protect Law Group is a law firm that specializes in SBA loan default assistance. We will work with you to achieve a solution to your SBA default problem, which may include an SBA offer in compromise of your debt. You need an experienced…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 - (888) 303-6975.