Articles from Shenwick & Associates

Primary tabs

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

IRS waiving $1B in penalties for people, firms owing back taxes — here’s who qualifies

Submitted by Anonymous (not verified) on Thu, 12/21/2023 - 19:48

 IRS waiving $1B in penalties for people, firms owing back taxes — here’s who qualifiesNY Post has article discussing the IRS waiving $1 billion in penalties for certain tax years. The article can be found at https://nypost.com/2023/12/19/business/irs-waiving-1b-in-penalties-for-people-firms-owing-back-taxes-for-2020-or-2021/?utm_source=gmail&utm_campaign=android_nyp

Holiday debt hangover poised to be ‘particularly nasty’ this year, analyst says

Submitted by Anonymous (not verified) on Tue, 12/19/2023 - 19:41

The New York Post published an article stating that consumer spending through "buy now, pay later" services has increased as consumers struggle with growing debt obligations. This trend could lead to a rise in bankruptcy filings after the holidays.

SBA EIDL Collection Actions & Penalties if an SBA EIDL Loan is Not Repaid

Submitted by Anonymous (not verified) on Mon, 12/18/2023 - 00:09

Many readers of our blog posts and emails are aware that at Shenwick & Associates, we represent numerous borrowers who have defaulted on or not repaid their SBA EIDL loans. Many borrowers had hoped or prayed that SBA EIDL loans would be forgiven, similar to PPP grants. However, as one Boston lawyer stated, "Hope is not a legal strategy." Borrowers frequently inquire about the actions the government may take if they fail to repay their SBA EIDL loans. If payments are not received by the SBA, the agency will issue a Final Notice of Delinquency and Collection Actions.

We Can’t Stop Writing Paper Checks. Thieves Love That

Submitted by Anonymous (not verified) on Tue, 12/12/2023 - 23:02

 Be careful when write checks to pay bills due to fraud!

What is the means test in bankruptcy?

Submitted by Anonymous (not verified) on Thu, 12/07/2023 - 19:43

What is the means test in bankruptcy? Business Insider (see link below) has a very helpful article on the Means Test in personal Bankruptcy filings. https://www.businessinsider.com/personal-finance/what-is-bankruptcy-means-test

Fraud Investigations into COVID-Era PPP and EIDL Loans Increasing

Submitted by Anonymous (not verified) on Wed, 12/06/2023 - 19:27

 Fraud Investigations into COVID-Era PPP and EIDL Loans Increasing. JD Supra (link below) has an article stating that fraud investigations into PPP and EIDL loans from the SBA are increasing.

Some who took out parent PLUS loans to send their kids to college expect to die with debt

Submitted by Anonymous (not verified) on Tue, 12/05/2023 - 01:10

Some who took out parent PLUS loans to send their kids to college expect to die with debt.USA Today has an article about Parent Plus Loans and parents who took them out.The article can be found at https://www.usatoday.com/story/news/education/2023/12/03/parents-struggl...

Pages