Question: Dear Steve, When I received money from a COVID-related disbursement from the SBA I was told it was “an unsecured loan”. Will the SBA be able to invoke federal statute to withhold Social Security Retirement payments to secure repayment of such a loan that is “unsecured”? Does the fact this is classified as a …
Government is a giant bureaucracy and it doesn’t matter who is in or out of office. Sometimes things just don’t make any sense and there is no apparent need for logic. You can go hundreds of thousands of dollars in debt for student loans without any regard for your credit rating. Bankruptcy does not prevent …
Question: Dear Steve, We found your website looking for help with a 1099-C (G) form we received. I would appreciate your expertise. In 2006, we received an SBA loan through a local bank. We ended up closing the company and filed for bankruptcy. In 2011 we received a 1099-C for cancellation of the debt with …
Question: Dear Steve, SBA web site says the borrower does not personally guarantee EIDL loans under (I think) $200,000 (mine is for $40k). The note does say that the borrower promises to pay though. If I had to default in the future could the SBA garnish my SS benefits (likely the loan will outlive me …
Tired of the 9 to 5 grind? Considering going into business for yourself? You’re not alone. Millions of people have a similar dream. A few brave ones take the next step. Unfortunately, for many, the dream can turn into a nightmare quickly. The U.S. Small Business Administration statistics show that well over half of all …
“Dear Steve, We own our own business and have about $75,000 in credit card debt. The interest rates are at 29.99% We have called every single company and they all refuse to lower the interest rates. AND, as we pay them down, they lower the available balance, so even if we continue to pay them …