If You Were Denied a 2nd Draw PPP Loan Because of a Prior Default, Your 1st Draw Forgiveness May be in Jeopardy
If you received your first draw Paycheck Protection Program (PPP) loan but were denied on the second draw due to a previous defaulted government backed loan, your loan forgiveness may be jeopardized. To that end, the SBA could reject your loan forgiveness application. Read on to find out what to do. PPP Background At the…Read More
In 2020, the Small Business Administration (SBA) approved more than 42,000 loans worth nearly $23 billion altogether. Were you one of the businesses that qualified for the funds? With the coronavirus pandemic still in full swing, many small businesses are struggling to turn a profit. So if you’re worried about making your SBA loan payments, you aren’t…Read More
If the Small Business Administration (SBA) denied your Payment Protection Program (PPP) loan application, you have the right to file an appeal with the SBA Office of Hearings and Appeals (OHA). Read on to learn more about your appeal rights upon the denial of a PPP loan application. The SBA Denied Your PPP Loan Application…Read More
If the Small Business Administration (SBA) denied your Payment Protection Program (PPP) forgiveness application you have the right to file an appeal with the SBA Office of Hearings and Appeals (OHA). Read on to learn more about your appeal rights for your PPP loan forgiveness. The SBA Denied Your PPP Loan Forgiveness Application You will…Read More
Since the pandemic exploded across the United States in March of 2020, 60 percent of businesses that closed due to the pandemic are now permanent closures. Data does show that the rate of small business closures is slowing. Though, many of those lucky enough to stay open face mounting financial struggles. Of course, there is no blanket…Read More
Many people rely on loans to start or grow their small businesses. Financing remains a critical part of turning a dream into reality. Small businesses use loans for everything from working capital to purchasing equipment to marketing initiatives. When businesses fall into hardship, it can become difficult to make payments on loans. While banks will…Read More
Currently, the world faces unprecedented challenges. For many, these challenges have made it difficult to stay on top of SBA loan payments. In these difficult economic times, your business may not survive. Fortunately, you have options if you fall behind. If you need SBA loan relief, you may find that you qualify for an SBA…Read More
Unfortunately, the COVID pandemic and subsequent business shut downs and restrictions impacted many businesses. Moreover, you have decided you can no longer keep your business going. However, you have an outstanding SBA loan. Does an SBA loan bankruptcy for your business make sense? Chapter 7 and the SBA Loan In most situations, bankrupting your business…Read More
A forbearance agreement with your SBA lender can provide you with the time you need to get your business back on track. Read on to learn more about forbearance agreements. How Does a Forbearance Agreement Work? As of October, the SBA has stopped paying for your SBA business loan. Nevertheless, due to the Covid crisis…Read More
How do you fund a startup in the middle of a global pandemic? With a loan from the Small Business Administration, also known as the SBA! Funding your scrappy start-up is no walk in park, even in normal times. Luckily, the SBA can help get your dream off the ground. If you are wondering about…Read More
SBA CARES Act: SBA OHA Appeals Litigation Regarding Paycheck Protection Program (PPP) Loan Review Decisions
The Small Business Administration (SBA) has issued interim final rules (IFR) concerning Paycheck Protection Program (PPP) borrowers and SBA PPP lenders and the process that a PPP borrower must comply in order to appeal certain SBA loan review decisions to the SBA Office of Hearings and Appeals (OHA). This IFR establishes a new subpart L…Read More
What Loss Mitigation Measures Can SBA Lenders & CDCs Offer to SBA Loan Borrowers Facing Financial Hardship?
What is Loss Mitigation? It is generally defined as the process an SBA lender or CDC goes through to work with a small business borrower or obligor who is behind on loan payments, to create a workable solution, typically resulting in either a loan modification, structured workout or the sale of assets pledged as collateral…Read More
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