SBA Loan Default: Is Your Loan Substandard?
We provide borrowers facing an SBA loan default with solutions. We identify your SBA loan problems and provide solutions, like an SBA offer in compromise.
Discover how proper documentation can secure SBA loan forgiveness. Expert tips from seasoned SBA loan attorneys for successful business debt relief.
Book a Consultation CallIn the complex landscape of Small Business Administration (SBA) loans, the pathway to forgiveness can seem fraught with obstacles. At Protect Law Group, we understand the nuances of navigating these challenges and emphasize the critical role of proper documentation. As your dedicated SBA loan attorneys, we are here to guide you through the intricacies of securing your business debt relief with precision and professionalism.
The first step towards achieving SBA loan forgiveness is a thorough understanding of the criteria set forth by the SBA. It's not merely about meeting the loan's use requirements; it's about meticulously documenting every related transaction. Proper documentation serves as the foundation of your forgiveness application, demonstrating compliance with SBA guidelines. Our SBA loan lawyers are adept at helping clients identify and compile the necessary documents, ensuring that every qualifying expense is accounted for and substantiated.
Organizing your financial records is more than a best practice; it's a strategic move in your forgiveness application process. Detailed records, including bank statements, invoices, and payroll reports, are indispensable. They not only support your forgiveness claim but also prepare you for any audits by the SBA. Our team of SBA lawyers specializes in assisting clients with the organization and review of their financial documents, ensuring that your submission is both comprehensive and compliant.
The landscape of SBA loans and forgiveness programs is ever-evolving, with legislation and guidelines subject to change. Keeping abreast of these changes and understanding their implications on your forgiveness eligibility is crucial. Protect Law Group stays at the forefront of legislative developments, providing our clients with timely updates and strategic advice on adjusting their documentation practices accordingly.
Perhaps the most significant advantage of enlisting an SBA loan attorney from Protect Law Group is the professional advocacy and representation we provide. Navigating the SBA forgiveness process can be daunting, but you don't have to do it alone. Our attorneys are authorized to represent federal debtors nationwide, offering expert guidance every step of the way — from preparing your application to addressing any challenges that arise during the review process.
Securing SBA loan forgiveness is a detailed and demanding process, emphasizing the importance of proper documentation. At Protect Law Group, we are committed to offering unparalleled support and expert representation to small business owners seeking debt relief. If you're navigating the complexities of SBA forgiveness, let our experienced SBA loan lawyers guide you toward a successful resolution. Contact us today to learn more about how we can assist you in securing the financial relief your business deserves.
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.
Client personally guaranteed SBA 7(a) loan for $150,000. COVID-19 caused the business to fail, and the loan went into default with a balance of $133,000. Client initially hired a non-attorney consultant to negotiate an OIC. The SBA summarily rejected the ineligible OIC and the debt was referred to Treasury’sBureau of Fiscal Service for enforced collection in the debt amount of $195,000. We were hired to intervene and initiated discovery for SBA and Fiscal Service records. We were able to recall the case from Fiscal Service back to the SBA. We then negotiated a structured workout with favorable terms that saves the client approximately $198,000 over the agreed-upon workout term by waiving contractual and statutory administrative fees, collection costs, penalties, and interest.
Clients personally guaranteed SBA 7(a) loan balance of over $300,000. Clients also pledged their homes as additional collateral. SBA OIC accepted $87,000 with the full lien release against the home.
The clients are personally guaranteed an SBA 7(a) loan. The SBA referred the debt to the Department of Treasury, which was seeking payment of $487,981 from our clients. We initially filed a Cross-Servicing Dispute, which was denied. As a result, we filed an Appeals Petition with the SBA Office of Hearings and Appeals asserting legal defenses and supporting evidence uncovered during the discovery and investigation phase of our services. Ultimately, the SBA settled the debt for $25,000 - saving our clients approximately $462,981.
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