Entries by reva1

What Happens to My EIDL Loan if My Business Closes?

During the COVID-19 pandemic, the Small Business Administration (SBA) rolled out an expansion of an existing loan program meant to help small businesses that were suffering financially from a disaster. Known as Economic Injury Disaster Loan (EIDL) loans, the program provided much-needed financial support to business owners who were struggling as a result of the […]

Understanding SBA Judgments: From Default to Foreclosure to Asset Seizure

The Small Business Administration (SBA) offers a wealth of information, resources and support services to small business owners throughout the country. One popular program that they offer is a loan guarantee, which gives borrowers favorable loan terms and an easier chance to qualify for much-needed financial assistance compared to going directly to private lenders. While […]

What Happens to Business Equipment and Inventory in an SBA Foreclosure?

  The Small Business Administration (SBA) provides various guidance, support and tools to help small businesses throughout the country succeed. The federal agency also offers loan programs with favorable terms to provide much-needed funding to small business owners. Borrowers must repay these loans, just like other private loans they get, or they could face collection […]

Using Chapter 7 Bankruptcy to Stop SBA EIDL Collections Effectively

  The Small Business Administration (SBA) provides Economic Injury Disaster Loans (EIDL) as a way to help support small businesses affected by disasters. While this loan program has been around for a while, it soared in popularity during the COVID-19 pandemic, when the federal government essentially made it available to all small businesses in the […]

The SBA is Suing Me After My Business Filed for Bankruptcy: What Do I Do?

  The Small Business Administration (SBA) offers advice, counseling, support and even special loan programs to help small businesses across the country succeed. These loans are designed to provide financial help to small businesses that want to purchase equipment, real estate and fund other needs, but when borrowers are unable to repay their loans, the […]

Understanding the SBA Hardship Accommodation Plan

  During the COVID-19 pandemic, the federal government created new programs and expanded some already in existence to help people recover from economic loss they suffered. Small business owners were a big focus of these efforts, with two very popular loan programs being offered to them. One was the very popular Paycheck Protection Program (PPP), […]

Can Bankruptcy Discharge SBA EIDL Loans? What You Need to Know

  The Small Business Administration (SBA) supports small businesses throughout the country in a number of ways. One example is the Economic Injury Disaster Loan (EIDL) program, which offers loans with advantageous terms to nonprofit organizations and small businesses affected by disasters. The EIDL loans have not been around for a while, but became very […]

Can the SBA Take Your Home If You Default on an EIDL Loan?

During the COVID-19 pandemic, many small business owners took advantage of new financial support programs provided by the federal government. One such popular plan was the Economic Injury Disaster Loan (EIDL), which was run through the Small Business Administration. The expansion of the EIDL program gave small business owners throughout the country access to funding […]