If you're considering closing your business, SBA loan forgiveness is an option to help you
The SBA offers several types of loans to help businesses when it comes to meeting their goals. Whether you need new equipment, or purchase land, businesses can grow from using SBA loans and use the profits to pay back what’s been borrowed. SBA loans are granted by the US Small Business Administration, and then issued by a bank, or participating lender.
The SBA Can Be Aggressive
There are a few ways for the SBA to collect money owed. They will be do it through the Treasury Offset Program, or by cross-servicing.
The TOP recovers debt through the business, or guarantor’s income tax refund. Rather than get the expected refund, the funds get automatically applied to your SBA loan default debt.
Cross-servicing happens when the SBA sends the loans to the U.S. Department of Treasury.