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Failing To Repay Business Debt Isn’t The End
Many business owners think failing to repay business debt means: your business is over.
What Are Some Ways We Can Help With Business Debt Relief?
Our experienced business debt relief consultants are here to help you through this stressful time.
Finding Your Footing: The Ins and Outs of SBA Loan Deferment
Take a seat and let’s talk about the challenges of doing business in a pandemic-stricken world. About 61,000 SBA loans amounting to $44.8 billion were injected into small businesses through Small Business Administration in 2021 alone. Despite the robust economy, numerous businesses are barely scratching by, teetering on the edge of a loan default.
Decoding the Intricacies of SBA Loan Deferment
Allow me to clear the air about SBA loans. Although you sought your SBA loan via a personal lender, the Small Business Administration didn’t directly issue the loan, they merely backed it. An SBA loan deferment is an agreement between you and your lender to momentarily delay the payments on your loan.
What Could Lead to an SBA Loan Deferment?
The SBA isn’t an unsympathetic institution. They understand that unpredictable factors such as natural disasters, pandemics, or even construction in the neighborhood of your business can totally upend your operations. They are open to granting loan deferments should such unforeseen eventualities arise.
Navigating Loan Deferment Options
Your loan deferment options significantly hinge on factors like why you need the deferment and what type of SBA loan you currently hold. You mustn’t procrastinate till you default on your loan before seeking deferment. Rather, be proactive, plan ahead and anticipate when you might require assistance.
The Mechanism Behind SBA Loan Deferments
Here’s the lowdown: Your SBA loan deferment is granted by your lender and not the SBA. The lender has the freedom to organize a loan deferment without any intervention or consent from the SBA. It is crucial that you confront your problems head-on rather than eluding them. Approach your lenders, engage in fruitful negotiations, and come to an agreement that truly benefits your business in the short run.
Covid – EIDL Deferment: A Lifesaver for Many Struggling Businesses
Countless businesses have found relief via Covid-EIDL loans, which were directly granted by the SBA in 2020, 2021, and 2022. These loans, enabled through the CARES Act, provide an automatic 30-month deferment from when the loan was granted. However, bear in mind that during the deferment period, the interest continues to accrue.
Managing an SBA Loan Default
The repercussions of an SBA loan default can be severe. The SBA can employ varied methods to recover overdue debts, such as administrative wage garnishment and tax refund offset. This is why being well-informed about the SBA loan default statute of limitations can be crucial.
A Helping Hand in the Midst of Chaos: The Lawscape
Facing a business-related predicament can be daunting and exhausting. If you don’t know how to handle your predicament or what your options are, seeking professional help might be the best course of action. Our attorneys at the Lawscape specialize in such situations and can guide you through your options and negotiate on your behalf.
Securing Your SBA Loan Deferment
An SBA loan deferment could be the lifeboat your business needs in the throes of trying times. Understanding how to ask for and negotiate the deferment you need would be key. At the Lawscape, we can guide you through this complex process. We recommend availing legal advice before agreeing to any more terms regarding your SBA loan. Reach out to us today to connect with an attorney who can assist you.
Directions, Not Dead Ends: Lawscape and the SBA Debt Solutions
SBA Debts by the millions have been resolved with Offer in Compromise and Negotiated Repayment Agreements without invoking bankruptcy or resorting to home foreclosure, thanks to our commendable team. Our attorneys have capably defended Treasury Debts by wielding a variety of strategies such as AWG Hearings, Treasury Offset Program Resolution, and Compromise Offers, among others. Furthermore, the Lawscape is 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. Connect with us today and let’s sail through these troubled waters, together.