If the Small Business Administration (SBA) has accepted your offer in compromise, then congratulations are in order. But, be warned, you must follow the terms of your offer precisely and make all payments on time or risk default. In many cases we are approached by...
As a general rule, more so now than in the past, the Small Business Administration (SBA) will direct a Guarantor to submit their SBA offer-in-compromise package to the lender for preliminary review and approval. In fact, not in every office, but in some, lenders will...
Our attorneys routinely work with SBA loan defaults, so we all hear a lot of stories. But, not a week goes by where we don't get at least one caller who is absolutely shocked they received a 60-day demand letter from the SBA. You might wonder at their surprise...
That depends. There are indeed eligibility factors for financial assistance based on the activities of the owners and the historical operation of the business. As such, the business cannot have been: (a) a business that caused the government to have incurred a loss...
The answer depends on whether or not you satisfied your obligations to the federal government. If you signed an Unconditional Personal Guaranty for a commercial loan backed by the Small Business Administration (SBA), then you are responsible for the payment of the...
The 7(a) loan program is the SBA’s flagship loan guaranty program. In fiscal year (FY) 2013, the 7(a) loan program provided 46,399 federal loan guarantees on approximately $17.9 billion of privately originated small business loans. Congress established the SBA 7(a)...
