How to Defend Against an Administrative Wage Garnishment Notice
If you've been served an administrative wage garnishment notice, you need to know how to defend yourself. Read on to learn the best defenses.
SBA 7a loans are a great way to finance an organization and options are great for businesses. Learn about the different types and eligibility.
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SBA 7a loans for your business can make the difference between keeping your business afloat or losing it. SBA7a loans were created for that reason.
No one wants to see you lose the business you dreamed of and worked hard to obtain. You now need an SBA 7a loan but can't figure out how to get one. You might have an SBA 7a loan already and need to modify it.
SBA 7a loans have eligibility requirements, which you can find more information and legal services on what options you have in SBA 7a loans.
If you are going to deal with an SBA small business loan it's important to understand what it is. An SBA7a loan offers you a finance option guaranteed by the Small Business Administration. The reason the SBA loans are so popular and needed by many small businesses is important to understand. The SBA loans reduce the risk on the part of any lender and are also guaranteed by the Small Business Administration.
Its basic creation was built for businesses that cannot find other or more traditional loans. You can then use the loan with the SBA loan guarantee for whatever your small business needs to succeed. Frequently it is for starting up a small business, getting an influx of cash in a business a bit stagnant or other varied reasons.
A few of the best things about an SBA small business loan is;
There are nine types of SBA small business loans, and we are going to go over them all so you have the most relevant information on what an SBA small business loan can offer you.
Ther nine types of SBA small business loans include:
Each of them offers the small business owner something unique, and we are going to go over the benefits and eligibility terms for these small business loans below.
These are the typical small business loans many people know and use with the SBA. But we are going to tell you about some other ones you may not know about.
The SBA recognizes you may need capital for your business in a hurry. They also understand you and your business are at a make or break time. So they created the 7(a) Express Loan.
The SBA also has some SBA loans designed for a designated group of people to help them ope or sustain their businesses.
When you are considering a loan from the SBA, you need to understand they are flexible and provide you a lower payment. Most of the time interest rates range between 2.25% - 4.75%. The interest rates are lower than conventional loans and the SBA 7a loans are easier to get.
You can also use the loan funding for projects that help your business grow and develop. You won't have balloon payments to worry about, and will have money to cover soft costs. But your business must qualify as a small business for all the SBA loans. The government has a 'small business' definition you must meet, and any mid-sized businesses won't meet the guidelines.
If you are in business and already worked through the SBA application terms but are having issues with your current SBA loan, our experienced SBA attorneys can help. Our attorneys are trained in six core SBA disciplines
The six basic services are:
Our legal expertise provides negotiated and settled SBA debt. But our legal team provides so much more with most SBA issues or concerns you have.
Reach out to us today if you need your SBA processes resolved. When you are dealing with the SBA, the sooner you begin your negotiations, the better. Don't let the stress of an SBA loan drive your business in circles. We can show you how your business path can move forward once again.
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 client personally guaranteed an SBA 504 loan balance of $375,000. Debt had been cross-referred to the Treasury at the time we got involved with the case. We successfully had debt recalled to the SBA where we then presented an SBA OIC that was accepted for $58,000.
Clients obtained an SBA 7(a) loan for $324,000 to buy a small business and its facility. The business and real estate had an appraisal value of $318,000 at the time of purchase. The business ultimately failed but the participating lender abandoned the business equipment and real estate collateral even though it had valid security liens. As a result, the lender recouped nearly nothing from the pledged collateral, leaving the business owners liable for the deficiency balance. The SBA paid the lender the 7(a) guaranty money and was assigned ownership of the debt, including the right to collect. However, the clients never received the SBA Official 60-Day Notice and were denied the opportunity to negotiate an Offer in Compromise (OIC) or a Workout directly with the SBA before being transferred to Treasury's Bureau of Fiscal Service, which added an additional $80,000 in collection fees. Treasury garnished and offset the clients' wages, federal salary and social security benefits. When the clients tried to negotiate with Treasury by themselves, they were offered an unaffordable repayment plan which would have caused severe financial hardship. Clients subsequently hired the Firm to litigate an Appeals Petition before the SBA Office & Hearings Appeals (OHA) challenging the legal enforceability and amount of the debt. The Firm successfully negotiated a term OIC that was approved by the SBA Office of General Counsel, saving the clients approximately $205,000.
Small business and guarantors obtained an SBA COVID-EIDL loan for $1,000,000. Clients defaulted causing SBA to charge-off the loan, accelerate the balance and refer the debt to Treasury's Bureau of Fiscal Service for collection. Treasury added nearly $500,000 in collection fees totaling $1,500,000. Clients were served with the SBA's Official 60-Day Notice and exercised the Repayment option by applying for the SBA’s Hardship Accommodation Plan. However, their application was summarily rejected by the SBA without providing any meaningful reasons. Clients hired the Firm to represent them against the SBA, Treasury and a Private Collection Agency. After securing government records through discovery, we filed an Appeals Petition with the SBA Office of Hearings & Appeals (OHA) court challenging the SBA's referral of the debt to Treasury. During litigation and before the OHA court issued a final Decision and Order, the Firm successfully negotiated a reinstatement and recall of the loan back to the SBA, a modification of the original repayment terms, termination of Treasury's enforced collection and removal of the statutory collection fees.
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