Small business owners have faced the same challenges as larger businesses in the last few years, but when your profit margins are razor-thin, any economic disruption can tip the balance and cause your business to shutter. If you took out an Economic Injury Disaster Loan (EIDL) to help you rebuild after a disaster and are now falling behind with repayment, you’re probably wondering if anyone can help you prevent defaulting on the loan. Defaulting on an EIDL loan could easily cause you to go out of business. You need the right advice from our EIDL loan default lawyer. At Gudeman & Associates, P.C., we help business owners like you recover from financial disasters and can negotiate a resolution to your potential loan default. Contact us today for a consultation.
EIDL Loan Default Lawyer
While taking out an EIDL loan may have given your business the much-needed infusion of cash you needed after a disaster, there’s also an element of risk—your personal guarantee of the loan. If, despite the loan, you still didn’t have the funds to keep going, and are now going out of business, you’re probably wondering what you need to do to settle this debt, or if the Small Business Administration (SBA) will forgive your outstanding balance.
If you’re closing your business or are in EIDL default, just one mistake in managing the process can expose you to personal risk. Our EIDL default loan can guide you through the entire process, from completing all required forms and securing supporting documentation to liquidating business assets and submitting the required business closure package to the SBA. The U.S. Treasury seeks to recoup tens of billions of dollars in fraudulent loans. You don’t want to get mistakenly lumped in with this action.
Unpaid EIDL loans are, by law, transferred to the Treasury Department’s collections department, which diligently pursues repayment. Its efforts to claw back the outstanding loan include asset and property foreclosure, wage garnishment, and the seizure of benefits, including future tax refunds and even social security benefits.
We help legitimate businesses like yours go through proper closure to reduce your personal risk. And we remember your needs as a business owner, and explore possible restructuring options or negotiate a forbearance that gives your operation time to financially stabilize so you can resume payments.
Why Our Experience Matters in EIDL Loan Defaults
If you’re behind on your EIDL payments, it’s critical to act sooner rather than later. Our EIDL loan default lawyer can provide you with more options if your loans aren’t in default. We help you explore potential solutions, including business bankruptcy, that could discharge the EIDL loan. We also help protect you from personal liability if the EIDL loan goes into default. As skilled negotiators, we’re often able to achieve a workable solution that you may not have been able to achieve on your own.
- Firm founder and managing partner Edward J. Gudeman delivers personal, hands-on service to every client
- Client-friendly remote services, including virtual consultations and secure document transmission
- Mr. Gudeman’s role as an owner and operator of multiple successful businesses offers practical insight into client needs
- Senior attorney Brian Rookard contributes to the legal profession through regular lectures and speaking engagements
- A+ rating from the Better Business Bureau, demonstrating our commitment to exceptional ethical standards
The attorneys at Gudeman & Associates, P.C. have an unwavering dedication to your financial interests and business success. Call us today for a consultation.
