What can the Treasury take to satisfy a defaulted SBA loan balance?

Question.What can the Treasury take to satisfy a defaulted SBA loan balance? Answer. The Treasury Offset Program is not subject to a statute of limitations and can collect on the defaulted SBA loan indefinitely. The Treasury can, among other things, garnish wages, even in states where wage garnishment by creditors is generally prohibited. The Treasury… [Read More]

How can I avoid my delinquent disaster loan being referred to the U.S. Treasury for enforced collection?

Question.How can I avoid my delinquent disaster loan being referred to the U.S. Treasury for enforced collection? Answer. You must contact an SBA Treasury Offset Representative prior to your loan being referred to the Department of the Treasury to set up acceptable payment arrangements. Once your loan has been referred to the U.S. Treasury, you… [Read More]