I will turn 70 in 45 days. After I lost my business and employment I am leaving on a fixed income that I draw from SS and my wife’s earnings. My company defaulted on $48,000 SBA loan that I am a guarantor. My social security payment has been deduced By 15% ($225.30 per month) to pay the SBA loan. Can SBA legally take this from my SS benefits?
Can the Small Business Admistration legally take a portion of my Social Security benefits to pay for an SBA loan that my company defaulted?
If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.Social Security is Garnishing My Benefits for an Old SBA Loan. What Can I Do? - Berhan by Steve Rhode