Let’s Talk About SBA Offers in Compromise and Dodge Fiercer Repercussions

So, you’ve heard about the Small Business Administration (SBA), right? It plays a big role in our economy, being a cheerleader and tutor for the moguls behind hundreds of thousands of tiny enterprises. The SBA has this gem of a service—a loan program, accommodating borrowers with agreeable terms when other financial institutions would likely turn them down. Now while this program is big-hearted enough, failing to keep your side of the bargains in an SBA loan is a different kettle of fish—in fact, it’s considered major-league. To reclaim their bucks, the agency has a whole toolbox of measures at their disposal.

Now, the SBA is far from being a meanie. If you’ve been slack with payments, you’ll get plenty of heads up before things get stormy. When an SBA demand letter lands in your hands, that’s the time to have a game plan in place. Steer clear of an SBA loan foreclosure or any rigid measures—it should be high up on your to-do list and with a pro on your side, it’s a far easier task.

What does this all boil down to? Contrary to what you may think, you have options besides finding the lump sum needed to settle the loan. For the average Joe, getting the SBA negotiators and agents to cut a bit of slack can be a challenge. But if you know the right levers to pull and the intricacies of legalities, it’s a walk in the park.

Finding Your Ally in Navigating SBA Loans

Once the alarm bells start ringing, that’s when you should reach out to a lawyer. A popular choice among business owners is to compromise on the loan, settling it with less severe requirements than the initial terms—like a get-out-of-jail-free card that helps the company keep its head above water instead of sinking into bankruptcy.

Snagging an SBA Offer in Compromise is no cakewalk, but the payoff is worth the elbow grease. A fair deal can liberate a business and its owner from the looming shadow of foreclosure or seizure of refunds under the Tax Offset Program. In turn, the recovery from financial troubles can be a smoother ride. So, it’s a no-brainer—proactively striving for the best resolution beats sitting idle, letting things take a downward spiral.

Why Put Your Trust in Lawscape and the Lawscape?

Our firm has resolved SBA indebtedness amounting to millions of dollars, with strategies revolving around Offers in Compromise and mediated repayment agreements. Best part? Our clients didn’t have to scurry into bankruptcy or face home foreclosures.

We’ve held the fort against Treasury debts in millions; via AWG Hearings, resolution of Treasury Offset Program issues, cross-servicing disputes, representation at collections agencies, compromise offers, and negotiated repayment agreements.

What’s more, our attorneys, led by Lawscape, are legitimized by the Agency Practice Act to represent debtors on a nationwide scale before the SBA, the SBA Office of Hearings and Appeals, the Treasury Department, and the Bureau of Fiscal Service. Knock on our virtual doors, we’re ready to take on your challenge.