NYC Small Business Administration Loans (SBA)
Advising Business owners Throughout New York City
The Small Business Administration (SBA) offers loans designed to support the growth and development of small businesses. The government partially guarantees these loans, making them an attractive option for entrepreneurs who may not qualify for traditional bank loans. If you are considering applying for an SBA loan, seeking legal counsel first is encouraged. While these loans offer tremendous benefits, defaulting on them can have serious financial consequences.
Our NYC SBA loan attorneys have extensive experience helping small business owners manage and resolve issues related to SBA loans, including using an SBA loan as an opportunity to renegotiate settlements and offers with lenders. In addition to serving clients in New York City, we also handle debt settlement representation nationwide.
Call (888) 646-0025 or complete our online form to schedule a consultation with one of the experienced attorneys at Raiser and Kenniff, P.C. today.
The Benefits of an SBA Loan
An SBA loan is a financing option for small businesses, partially guaranteed by the U.S. Small Business Administration. These loans typically come with favorable terms, including lower interest rates and longer repayment periods, making them popular among small business owners.
Why Consult Our Attorneys Before Signing Off on an SBA Loan
Our experienced legal team can assist in reviewing the loan terms, ensuring they are in your best interest and compatible with your business goals. Additionally, we can identify and address potential legal issues upfront, thereby helping you avoid costly mistakes that could jeopardize your business operations.
By leveraging our skills and experience, you can make well-informed decisions and secure the most beneficial financing option for your small business.
What Happens When You Default on Your SBA Loan?
Defaulting on your SBA loan occurs when you fail to make a scheduled loan payment. Default can lead to aggressive collection actions, including asset seizures and wage garnishments. It's crucial to act quickly to mitigate these consequences.
Treasury Offset Program (TOP)
If your SBA loan remains unpaid, it may be transferred to the U.S. Department of the Treasury for collection. The Treasury has extensive powers to collect the debt, including adding substantial fees and utilizing various offset programs.
The Treasury Offset Program (TOP) allows the Treasury Department to collect delinquent debts owed to federal agencies by offsetting federal payments, such as tax refunds, Social Security benefits, and other government disbursements. This can severely impact your personal and business finances.
How Raiser and Kenniff, P.C. Can Help with SBA Loans
Whether you're considering an SBA loan or already have one and are concerned about defaulting or being subject to the Treasury Offset Program, you are not alone. Our team is well-versed in handling such cases and can help you identify an SBA loan settlement strategy tailored to your unique situation.
SBA Offer of Compromise (OIC)
An Offer of Compromise (OIC) is a settlement agreement where you propose to pay a reduced amount to resolve your debt. Though an OIC isn't loan forgiveness, it can offer a lifeline to struggling businesses in danger of defaulting on their SBA loan.
Our attorneys can help you prepare a compelling OIC submission, increasing the likelihood of acceptance and allowing you to regain control of your finances.
Hardship Accommodation Program (HAP)
If you're experiencing severe financial hardship, you might qualify for the Hardship Accommodation Program (HAP). This program initially offered temporary relief to those with COVID-19 Economic Injury Disaster Loans (EIDLs). As of February 2024, the SBA broadened the HAP to include borrowers facing loan payment difficulties, including those who are delinquent or in default but not yet in Treasury Cross-Servicing and prior HAP participants.
HAP relief can be in the form of reduced payments or extended repayment terms. Our team will assess your eligibility and guide you through the application process, ensuring you receive the support you need.
If you have questions about any of these options for managing SBA loan debt, contact our law firm online or call us at (888) 646-0025. We represent clients in New York and nationwide.
Contact RAISER AND KENNIFF, P.C.
Whether you need assistance with SBA loans, compliance issues, or navigating complex regulations, Raiser and Kenniff are here to support you every step of the way. Contact us today to schedule a consultation and ensure your business's legal needs are handled with the utmost care and professionalism. Don’t leave your business’s future to chance – partner with Raiser and Kenniff now!
Client Testimonials
Our Clients Rave About Their Results-
They were always available quickly, to address my concerns. Having dealt with some law firms before, I really appreciated this.
“Steven Raiser's law firm handled my case with excellence throughout the process. I had a SBA EIDL loan that got transferred to the Department of Treasury unexpectedly, and had a 30% penalty added to the amount due, and due very quickly, which was very stressful. After talking with Steven Raiser, and working with Harry Gill, who was absolutely brilliant in working with me and preparing the case, they were able to recall the case to the SBA. They were always available quickly, to address my concerns. Having dealt with some law firms before, I really appreciated this.
Very grateful and appreciative to Steven Raiser and Harry Gill. Great work” -
They Really Care
“They treated me wonderfully and helped me out of a bind. I feel that this firm really cares.”
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Give them a call!
“Extremely professional and efficient lawyers.”
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Top-Notch!
“They go well above and beyond. Highly recommend.”
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Integrity
“Thomas Kenniff is a true definition of an attorney and a humanitarian.”
Why We're the Right Choice
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Risk-Free Consultation
We offer a risk-free evaluation of your case and are here to help you understand your legal options. We are available 24/7, day or night, to help you.
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Top-Rated Team
Recognized as the top attorneys in the USA.
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Former ProsecutorsOur founding partners are both former New York prosecutors who bring unique experience and insights to every case, especially when it comes to going to trial.