Articles from Shenwick & Associates

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SMALL BUSINESS ADMINISTRATION IMPLEMENTS 60-DAY GOODWILL EXCEPTION FOR PPP, EIDL LOANS

Submitted by Anonymous (not verified) on Mon, 01/29/2024 - 16:42

 SMALL BUSINESS ADMINISTRATION IMPLEMENTS 60-DAY GOODWILL EXCEPTION FOR PPP, EIDL LOANSBlackenterprise.com has a very informative article on a 60 Day Goodwill  Exception for PPL & EIDL loans and how that program operates. The article can be found at https://www.blackenterprise.com/sba-implements-60-day-goodwill-exception-for-ppp-eidl-loans/

How to Get a Handle on Debt in 2024

Submitted by Anonymous (not verified) on Tue, 01/23/2024 - 23:33

 Next Avenue  has a helpful article on 

How to Get a Handle on Debt in 2024. The article can be found at 
https://www.nextavenue.org/how-to-get-a-handle-on-debt-in-2024/

How the FBI is Combating COVID-19 Related Fraud

Submitted by Anonymous (not verified) on Mon, 01/15/2024 - 17:00

 The FBI combating COVID related fraud, including PPP & EIDL loans. The article written by an FBI agent can be found at: https://www.fbi.gov/contact-us/field-offices/springfield/news/how-the-fbi-is-combatting-covid-19-related-fraud

Chapter 11 Bankruptcy Filings Rose 72% in 2023

Submitted by Anonymous (not verified) on Thu, 01/11/2024 - 21:21

Chapter 11 Bankruptcy Filings Rose 72% in 2023 CFO is reporting that Chapter 11 bankruptcy filings rose 72% in 2023. The story can be found at https://www.cfo.com/news/chapter-11-bankruptcy-reorganization-2023-Epiq-...

SBA EIDL LOANS & CIVIL & CRIMINAL PENALTIES & BANKRUPTCY FILINGS

Submitted by Anonymous (not verified) on Fri, 01/05/2024 - 18:52

 SBA EIDL LOANS & CIVIL & CRIMINAL PENALTIES & BANKRUPTCY FILINGSMany people are contacting us, asking if wrongfully applying for or misusing SBA EIDL funds constitutes a crime or could subject them to civil or criminal penalties. The answer depends on the "facts and circumstances" of each case. The first fact to consider is whether the action was a mistake (negligent) or willful. Negligent actions are not criminal, but willful actions may be. Second, what is the dollar amount involved? Was it a misapplication of $25,000.00, $50,000.00, or $1,000,000.00?

Defaulted SBA EIDL Loans: In Reversal, U.S. to Heighten Efforts to Collect Billions in Unpaid Covid Loans

Submitted by Anonymous (not verified) on Sun, 12/31/2023 - 03:40

 The Washington Post Business Edition is reporting that in a reversal of policy the U.S. Government will heighten efforts to collect $30 Billion of defaulted SBA EIDL loans by referring those loans to Treasury Direct for collection. This is a reversal of  SBA policy where the SBA had stated that they would not seek to collect defaulted SBA loans under $100,000.00Clients with questions about defaulted SBA loans should contact Jim Shenwick, Esq.

SBA EIDL Loan Defaults and the Statute of Limitations 12-24-2023

Submitted by Anonymous (not verified) on Mon, 12/25/2023 - 00:43

Many clients have contacted us regarding defaulted SBA EIDL loans and the period of time in which the SBA or the Government may sue them to collect on the defaulted loan (the statute of limitations). The law and rules, as noted below are complex and vary based on the facts of the case.

  1. The Federal Government has 6 years to commence a lawsuit (statute of limitations) against the entity or person that obtained the EIDL loan from the SBA and defaulted.

Shenwick Blog Posts on SBA EIDL Loans

Submitted by Anonymous (not verified) on Fri, 12/22/2023 - 16:34

Many clients, attorneys, and accountants have asked where they can find our blog posts on SBA EIDL loans. To make their search easier, they are listed below. If you would like to speak with Jim Shenwick, Esq regarding your SBA EIDL loan, please click the link to schedule a telephone call with me.https://calendly.com/james-shenwick/15min

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