General notification Before referring a debt for collection by administrative offset, a creditor agency must provide each debtor with: (a) a written notification of the nature and the amount of the debt, the intention of the agency to collect the debt through...
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I guaranteed my brother’s SBA loan and he defaulted. Can I still get an SBA loan of my own?
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...
I am a federal contractor and I defaulted on an SBA loan years ago, can the Treasury offset my contract payments?
We have had quite a few clients ask us how a defaulted SBA loan might affect their business dealings with the government. In this post we are going to look at this question from the perspective of a client who has one or more contracts with the federal government...
What is the U.S. Treasury Offset Program?
Question. What is the Treasury Offset Program Answer.The Treasury Offset Program (TOP) is a centralized offset program, administered by the Bureau of the Fiscal Service's Debt Management Services (DMS), to collect delinquent debts owed to federal agencies and states,...
Why is the amount Treasury is collecting more than my SBA balance?
Question.Why is the amount Treasury is collecting more than my SBA balance? Answer. Once an SBA loan is referred to the U.S. Treasury for collection under the U.S. Treasury Offset Program, collection fees may add up to 30% more to your SBA deficiency balance. It is...