tag:blogger.com,1999:blog-345787952024-03-19T04:30:06.718-04:00James Shenwick JD & LLM in Tax Martindale Hubbell AV Rated AVVO Rated 2024 Shenwick & Associates a law firm with offices at 116 Plymouth Drive, Scarsdale, NY 10583 Phone # 917-363-3391,
Email: jshenwick@gmail.com
Website: https://sites.google.com/site/jshenwick/home, email jshenwick@gmail.com. Practice is limited to bankruptcy, workouts, offers in compromise with IRS , office leasing, taxi medallions and failed restaurants
Please click the link to schedule a telephone call with me.
https://calendly.com/james-shenwick/15min
James Shenwickhttp://www.blogger.com/profile/02475775146092151913noreply@blogger.comBlogger903125tag:blogger.com,1999:blog-34578795.post-77730159971984973752024-03-10T19:54:00.010-04:002024-03-10T19:54:39.591-04:00U.S. Seeks to Collect on Up to $20 Billion in Delinquent Covid Loans<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgOqI2DHOKcVK-4M9jXFq5WqTocMDdQC5_JeI538Vh5lucyWCudJmDURObLiHplOxZejCdNkDcFRb8_QMiJj5TYqct_JLlrtkOoEp0wx1ehp7rXNnflCPAbye31ZXw2MLaxjNeO4fhGwzT0RrJoogXGigaF2KN42c9PuvxWVgQRphNMsPLkXGWf/s270/Restaurant.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="180" data-original-width="270" height="180" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgOqI2DHOKcVK-4M9jXFq5WqTocMDdQC5_JeI538Vh5lucyWCudJmDURObLiHplOxZejCdNkDcFRb8_QMiJj5TYqct_JLlrtkOoEp0wx1ehp7rXNnflCPAbye31ZXw2MLaxjNeO4fhGwzT0RrJoogXGigaF2KN42c9PuvxWVgQRphNMsPLkXGWf/s1600/Restaurant.jpg" width="270" /></a></div><br /><p>U.S. Seeks to Collect on Up to $20 Billion in Delinquent Covid Loans</p><div>The Wall Street Journal is reporting in an article dated March 7, 2024 that the U.S. is seeking to collect $20 Billion in delinquent SBA EIDL Covid loans from small businesses and not for profit entities. The article can be found at <a href="https://www.wsj.com/business/u-s-seeks-to-collect-on-up-to-20-billion-in-delinquent-covid-loans-96dd36c6?mod=business_lead_story">https://www.wsj.com/business/u-s-seeks-to-collect-on-up-to-20-billion-in-delinquent-covid-loans-96dd36c6?mod=business_lead_story</a></div><p>The SBA announced that delinquent Covid EIDL loans with balances of $100,000 or less will be sent to the Treasury Department for collection.</p><p>The referral is sent to Treasury Direct, which can seize government benefits such as portions of Social Security payments and tax refunds.</p><p>Additionally, in our experience Treasury Direct can and will assess a 30% penalty on the unpaid balance of defaulted SBA EIDL loans (a point not covered in the article).</p><p>Moreover, borrowers who default may have to recognize Cancellation of Debt income, which is ordinary income under section 108 of the Internal Revenue Code (another point not covered in the article).</p><p>Many small businesses never intended to repay the loans, hoping they would be forgiven like PPP loans; however, this is not the case.</p><p>Borrowers with questions about defaulted SBA EIDL loans should contact Jim Shenwick, Esq. Jim has an LLM in Taxation from NYU law school and he is familiar with the Cancellation of Debt tax issues. </p><p><br /></p><p>Jim Shenwick, Esq 917 363 3391 jshenwick@gmail.com </p><p>Please click the link to schedule a telephone call with me.</p><p>https://calendly.com/james-shenwick/15min</p><p>We held individuals & businesses with too much debt!</p><p>---</p><p><b>Jim Shenwick, Esq Blog SBA EIDL Posts:</b></p><p>SBA EIDL Loan Charge Offs</p><p>https://shenwick.blogspot.com/2024/02/sba-eidl-loan-charge-offs.html</p><p><br /></p><p>SBA EIDL LOANS & CIVIL & CRIMINAL PENALTIES & BANKRUPTCY FILINGS</p><p>https://shenwick.blogspot.com/2024/01/sba-eidl-loans-civil-criminal-penalties.html</p><p>Defaulted SBA EIDL Loans: In Reversal, U.S. to Heighten Efforts to Collect Billions in Unpaid Covid Loans</p><p>https://shenwick.blogspot.com/2023/12/defaulted-sba-eidl-loans-in-reversal-us.html</p><p><br /></p><p>SBA EIDL Loan Defaults and the Statute of Limitations 12-24-2023</p><p>https://shenwick.blogspot.com/2023/12/sba-eidl-loan-defaults-and-statute-of.html</p><p><br /></p><p>SBA EIDL Penalties if an SBA EIDL Loan is Not Repaid</p><p>https://shenwick.blogspot.com/2023/12/sba-eidl-penalties-if-sba-eidl-loan-is.html</p><p>Misuse or Misapply SBA EIDL Loan Proceeds and Chapter 7 Bankruptcy Filings</p><p>https://shenwick.blogspot.com/2023/08/misuse-or-misapply-sba-eidl-loan.html</p><p><br /></p><p>SBA EIDL HARDSHIP PROGRAM</p><p>https://shenwick.blogspot.com/2023/07/sba-eidl-hardship-program.html</p><p><br /></p><p>Defaulted SBA EIDL Loans, Limited Liability Company (LLC) and Cancellation of Debt Income (COD) under Section 108 of the Internal Revenue Code</p><p>https://shenwick.blogspot.com/2023/07/defaulted-sba-eidl-loans-limited.html</p><p><br /></p><p>Offers In Compromise ("OIC") for Defaulted SBA EIDL loans and Section 108 of the Internal Revenue Code ("IRC"), Relief of Indebted Income, a Trap for the Unwary!</p><p>https://shenwick.blogspot.com/2023/05/offers-in-compromise-oic-for-defaulted.html</p><p>EIDL LOAN WORKOUTS AND BANKRUPTCY https://shenwick.blogspot.com/2022/07/eidl-loan-workouts-and-bankruptcy.html</p><p><br /></p><p>EIDL Loan Default Questions & Answers<span style="white-space: pre;"> </span></p><p>https://shenwick.blogspot.com/2022/10/eidl-loan-default-questions-answers.html</p><p><br /></p><p>EIDL LOAN DEFAULT DOCUMENT REVIEW, WORKOUT, BANKRUPTCY FILING & OFFER IN COMPROMISE</p><p>https://shenwick.blogspot.com/2022/07/eidl-loan-default-document-review.html</p><p><br /></p><p>EIDL Defaulted Loans</p><p>https://shenwick.blogspot.com/2022/07/eidl-defaulted-loans.html</p><p><br /></p><p>New Relief Program for SBA EIDL Borrowers Who are Having Difficulty Repaying EIDL Loans " Hardship Accommodation Plan"</p><p>https://shenwick.blogspot.com/2023/05/new-relief-program-for-sba-eidl.html</p><p><br /></p><p>EIDL LOANS and SBA OFFER IN COMPROMISE PROGRAM</p><p>https://shenwick.blogspot.com/2022/07/eidl-loans-and-sba-offer-in-compromise.html</p><p><br /></p><p>PPP & EIDL Fraud</p><p>https://shenwick.blogspot.com/2022/08/ppp-eidl-fraud.html</p><p><br /></p><p>Better to connect-What small business owners need to know about repaying loans tied to pandemic relief from the SBA EIDL Loans</p><p>https://shenwick.blogspot.com/2022/11/better-to-connect-what-small-business.html</p>James Shenwickhttp://www.blogger.com/profile/02475775146092151913noreply@blogger.com0tag:blogger.com,1999:blog-34578795.post-54915901682649163332024-03-07T18:53:00.002-05:002024-03-07T18:54:28.891-05:00Small-business owners carry bigger debt loads than they did pre-pandemic <div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiwWIYCV2mse4ek9_TYtrKYGcJPuuArYUh8TidgGrW-oBQnBaY00ShbypgTSTKQ4_pGkj4YKgwJpis3Ji9fDLEuSzIyvXzOxSPsLWGL6Tj2rMcLLBnMDhWWCm0rd0Q7VPHvMQtvocK0p8LH4uGTje1BSQy-DWxxOS-H9mQ9Xppf2Fr7iwn9MPCE/s1536/Hand%20&%20Bag%20says%20Bankruptcy%20ImageFX.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1536" data-original-width="1536" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiwWIYCV2mse4ek9_TYtrKYGcJPuuArYUh8TidgGrW-oBQnBaY00ShbypgTSTKQ4_pGkj4YKgwJpis3Ji9fDLEuSzIyvXzOxSPsLWGL6Tj2rMcLLBnMDhWWCm0rd0Q7VPHvMQtvocK0p8LH4uGTje1BSQy-DWxxOS-H9mQ9Xppf2Fr7iwn9MPCE/s320/Hand%20&%20Bag%20says%20Bankruptcy%20ImageFX.png" width="320" /></a></div><br /><p><br /></p><p>Small-business owners carry bigger debt loads than they did pre-pandemic </p><p> Biz Journals is reporting that Small Business owners are now carrying bigger debt loads that they did pre-pandemic. </p><p><span face=""Inter var", ui-sans-serif, system-ui, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, "Noto Sans", sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Noto Color Emoji"" style="background-color: #f9fafb;">The increased debt load combined with higher interest rates is proving to be a "toxic mix." At Shenwick & Associates, we are witnessing a significant rise in business bankruptcies, personal bankruptcy filings, and workouts.</span></p><p>The Biz Journal article can be found <a href="athttps://www.bizjournals.com/orlando/news/2024/03/07/small-business-debt-loans-federal-reserve-interest.html">athttps://www.bizjournals.com/orlando/news/2024/03/07/small-business-debt-loans-federal-reserve-interest.html</a></p><p><br /></p><p>Jim Shenwick, Esq 917 363 3391 jshenwick@gmail.com </p><p>Please click the link to schedule a telephone call with me.</p><p><a href="https://calendly.com/james-shenwick/15min">https://calendly.com/james-shenwick/15min</a></p><p>We held individuals & businesses with too much debt!</p>James Shenwickhttp://www.blogger.com/profile/02475775146092151913noreply@blogger.com0tag:blogger.com,1999:blog-34578795.post-31395907820124558262024-02-17T23:07:00.003-05:002024-02-19T14:21:00.855-05:00 Charge Off of SBA EIDL Loans<p><br /></p><span id="docs-internal-guid-db85e986-7fff-f14b-b20d-098e314a8414"><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi2wBJy-6hxIImdDkisEEMPXOVN48uRwr5HVY7ZVkD_zXFhU6qRpy5ZLvtUkqpA7nI2YoCPJT6prbr5UgpC_w2bCq562lInOMwPU9EuGJ5Qy1SHUt0WeXlBYLk00eg5kXZag5g5j6KBZHCYAfGr2qzfAxRr_wkCokXQLnZZuT-2YZ6XtyTDpiLD/s512/Loan%20Charge%20Off%201.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="512" data-original-width="512" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi2wBJy-6hxIImdDkisEEMPXOVN48uRwr5HVY7ZVkD_zXFhU6qRpy5ZLvtUkqpA7nI2YoCPJT6prbr5UgpC_w2bCq562lInOMwPU9EuGJ5Qy1SHUt0WeXlBYLk00eg5kXZag5g5j6KBZHCYAfGr2qzfAxRr_wkCokXQLnZZuT-2YZ6XtyTDpiLD/s320/Loan%20Charge%20Off%201.png" width="320" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><br /></div><span style="background-color: #f9fafb; font-family: "Times New Roman", serif; font-size: 13pt; white-space-collapse: preserve;">Many clients who have defaulted on SBA loans receive a letter from the SBA indicating that their loan has been charged off. They ask us if this means the loan has been forgiven and does not need to be paid back.</span><p></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><span style="font-family: "Times New Roman", serif; font-size: 13pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">“Charging off” is an accounting concept that allows the SBA to remove the loan from its books and records as an asset, but the SBA can still try to collect the debt.</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><span style="font-family: "Times New Roman", serif; font-size: 13pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">Simply stated, charging off or charged off does not mean that a loan is forgiven!</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><span style="font-family: "Times New Roman", serif; font-size: 13pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">Even though the loan is charged off, the borrower still owes the money and the SBA can continue collection efforts.</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><span style="font-family: "Times New Roman", serif; font-size: 13pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">Collection methods include lawsuits, foreclosure on assets, garnishing wages, reporting the default to Treasury Direct (so that the Government can seize tax refunds) and reporting the default to credit bureaus. </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><span style="font-family: "Times New Roman", serif; font-size: 13pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">So in summary, a charge off is an accounting procedure but does not relieve the borrower of repayment responsibility. </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><span style="font-family: "Times New Roman", serif; font-size: 13pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">The SBA treats the charge off as a default and it will pursue further collection even after charge off.</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><span style="font-family: "Times New Roman", serif; font-size: 13pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">Clients or their advisors with questions about defaulted SBA loans should contact Jim Shenwick, Esq. 917 363 3391 </span><a href="mailto:jshenwick@gmail.com" style="text-decoration-line: none;"><span style="color: #1155cc; font-family: "Times New Roman", serif; font-size: 13pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space-collapse: preserve;">jshenwick@gmail.com</span></a></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><span style="font-family: "Times New Roman", serif; font-size: 13pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">Jim Shenwick, Esq 917 363 3391 jshenwick@gmail.com </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><span style="font-family: "Times New Roman", serif; font-size: 13pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">Please click the link to schedule a telephone call with me.</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><a href="https://calendly.com/james-shenwick/15min" style="text-decoration-line: none;"><span style="color: #1155cc; font-family: "Times New Roman", serif; font-size: 13pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space-collapse: preserve;">https://calendly.com/james-shenwick/15min</span></a></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><span style="font-family: "Times New Roman", serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">We held individuals & businesses with too much debt!</span></p><br /><br /><br /><br /></span>James Shenwickhttp://www.blogger.com/profile/02475775146092151913noreply@blogger.com0tag:blogger.com,1999:blog-34578795.post-56234368072172885452024-02-14T12:01:00.000-05:002024-02-14T12:01:10.768-05:00Can I Get a Personal Loan After Bankruptcy? Marketwatch<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgNo4Qx1_tXku13-5ZIWkz3mCheWcg72zrnH7eASk4TfxlgJc2xNObwQZqGYAZGdGtXKZtlbSngzlW1jZZC-WijEjgLX_p2_SVimTOZppyHfsYJ8rDTlJKMKe75qVFWSNcYPQxwibsr8zqBHvaqg7SvI1vCNW0uZSd1nlRXpaNBv5bVBxcD-Tmz/s324/scale-g75290b55d_180.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="180" data-original-width="324" height="178" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgNo4Qx1_tXku13-5ZIWkz3mCheWcg72zrnH7eASk4TfxlgJc2xNObwQZqGYAZGdGtXKZtlbSngzlW1jZZC-WijEjgLX_p2_SVimTOZppyHfsYJ8rDTlJKMKe75qVFWSNcYPQxwibsr8zqBHvaqg7SvI1vCNW0uZSd1nlRXpaNBv5bVBxcD-Tmz/s320/scale-g75290b55d_180.jpg" width="320" /></a></div><br /><p><br /></p><h2 style="text-align: left;"><span style="font-weight: normal;">MarketWatch offers a helpful article on obtaining credit after filing for personal bankruptcy. The article can be found at <a href="https://www.marketwatch.com/guides/personal-loans/personal-loan-after-bankruptcy/">https://www.marketwatch.com/guides/personal-loans/personal-loan-after-bankruptcy/</a></span></h2><h2 style="text-align: left;"><span style="font-weight: normal;"><a href="https://www.marketwatch.com/guides/personal-loans/personal-loan-after-bankruptcy/"><br /></a>In our experience, representing hundreds of individuals who have filed for personal bankruptcy, clients are generally able to obtain loans or credit 1.5 to 2 years after receiving their Bankruptcy Discharge.<br />After a bankruptcy filing, we advise clients to save as much money as possible, obtain a secured credit card, and lease a reasonably priced car.</span></h2><h2 style="text-align: left;"><span style="font-weight: normal;"><br />The goal is to demonstrate responsible credit usage, which will then enable you to obtain credit.</span></h2><h2 style="text-align: left;"><span style="font-weight: normal;"><br />Jim Shenwick, Esq 917 363 3391 jshenwick@gmail.com </span></h2><h2 style="text-align: left;"><span style="font-weight: normal;">Please click the link below to schedule a telephone call with me.</span></h2><h2 style="text-align: left;"><span style="font-weight: normal;"> <a href="https://calendly.com/james-shenwick/15min">https://calendly.com/james-shenwick/15min<br /></a>We held individuals & businesses with too much debt! </span></h2>James Shenwickhttp://www.blogger.com/profile/02475775146092151913noreply@blogger.com0tag:blogger.com,1999:blog-34578795.post-20921832111708357502024-02-12T11:28:00.002-05:002024-02-13T09:46:03.358-05:00 SBA EIDL Loan Charge Offs<p></p><p class="MsoNormal"><span style="font-family: Times New Roman, serif;"><span style="font-size: 18.6667px;"></span></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: Times New Roman, serif;"><span style="font-size: 18.6667px;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgA1CluzNGKgH-rc_5UeZZADC4aVTPMTqeHGjD5jT1m6BeXVPitfKwbqjRU4HR17lQIBPvOtcRwOeLgee7BnISmYGWJbUym81ZBxQpz964pCNoS9uMNtdZy0vgK-GzAvxVhlQ3jjWejr4meTmlaUsuQjocW-o25G2wdOcgicYOAQNw2-gdGkEHG/s342/bust-g25cac43d0_180.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="180" data-original-width="342" height="168" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgA1CluzNGKgH-rc_5UeZZADC4aVTPMTqeHGjD5jT1m6BeXVPitfKwbqjRU4HR17lQIBPvOtcRwOeLgee7BnISmYGWJbUym81ZBxQpz964pCNoS9uMNtdZy0vgK-GzAvxVhlQ3jjWejr4meTmlaUsuQjocW-o25G2wdOcgicYOAQNw2-gdGkEHG/s320/bust-g25cac43d0_180.jpg" width="320" /></a></span></span></div><span style="font-family: Times New Roman, serif;"><span style="font-size: 18.6667px;"><br />The debanked website is reporting that Covid SBA EIDL loan charge offs increased by $52 Billion in 2023. </span></span><p></p><p></p><p class="MsoNormal"><span style="font-family: "Times New Roman", serif; font-size: 18.6667px;">Those charge offs equal 17.2% of the unpaid principal balance of SBA outstanding EIDL loans. </span></p><p class="MsoNormal"><span style="font-family: "Times New Roman", serif; font-size: 18.6667px;">The story can be found at <a href="https://debanked.com/2024/02/covid-eidl-charge-offs-explode-increase-by-more-than-51-billion-in-fy-2023/">https://debanked.com/2024/02/covid-eidl-charge-offs-explode-increase-by-more-than-51-billion-in-fy-2023/</a></span></p><p class="MsoNormal"><span style="font-family: "Times New Roman", serif; font-size: 18.6667px;">This report is unsurprising, as a rough estimate indicates that 75 to 80% of our clients have defaulted or are considering defaulting on their SBA EIDL loans.</span></p><p class="MsoNormal"><span style="font-family: "Times New Roman", serif; font-size: 18.6667px;">SBA EIDL loan defaults raise Debtor/Creditor, Bankruptcy, Tax and Personal guaranty issues. </span></p><p class="MsoNormal"><span style="font-family: "Times New Roman", serif; font-size: 18.6667px;">SBA EIDL loan defaults are also reported to Treasury Direct (IRS) and a 30% penalty is added to the balance due.</span></p><p class="MsoNormal"><span style="font-family: "Times New Roman", serif; font-size: 18.6667px;">The worst action a borrower in default on an SBA loan can take is to ignore the situation.</span></p><p class="MsoNormal"><span style="font-family: "Times New Roman", serif; font-size: 18.6667px;">As one famous lawyer said, prayer is not a legal strategy!</span></p><p class="MsoNormal"><span style="font-family: "Times New Roman", serif; font-size: 18.6667px;">At Shenwick & Associates, we have developed techniques & strategies to minimize tax and debtor/creditor issues involving an SBA EIDL default.</span></p><p class="MsoNormal"><span style="font-family: Times New Roman, serif;"><span style="font-size: 18.6667px;">To speak to Jim Shenwick, Esq about an SBA EIDL loan default you can call him at 917-363-3391 or email him at jshenwick@gmail.com</span></span></p><p class="MsoNormal"><span style="font-family: "Times New Roman", serif; font-size: 18.6667px;">Please click the link to schedule a telephone call with Jim</span></p><p class="MsoNormal"><span style="font-family: Times New Roman, serif;"><span style="font-size: 18.6667px;"><a href="https://calendly.com/james-shenwick/15min">https://calendly.com/james-shenwick/15min</a></span></span></p><p class="MsoNormal"><span style="font-family: Times New Roman, serif;">---</span></p><p class="MsoNormal"><span style="font-family: Times New Roman, serif;">James Shenwick, Esq SBA EIDL Blog Posts:</span></p><p class="MsoNormal"><span style="font-family: Times New Roman, serif;">SBA EIDL LOANS & CIVIL & CRIMINAL PENALTIES & BANKRUPTCY FILINGS</span></p><p class="MsoNormal"><span style="font-family: Times New Roman, serif;"><a href="https://shenwick.blogspot.com/2024/01/sba-eidl-loans-civil-criminal-penalties.html">https://shenwick.blogspot.com/2024/01/sba-eidl-loans-civil-criminal-penalties.html</a></span></p><p class="MsoNormal"><span style="font-family: "Times New Roman", serif;">Defaulted SBA EIDL Loans: In Reversal, U.S. to Heighten Efforts to Collect Billions in Unpaid Covid Loans</span></p><p class="MsoNormal"><span style="font-family: Times New Roman, serif;"><a href="https://shenwick.blogspot.com/2023/12/defaulted-sba-eidl-loans-in-reversal-us.html">https://shenwick.blogspot.com/2023/12/defaulted-sba-eidl-loans-in-reversal-us.html</a></span></p><p class="MsoNormal"><span style="font-family: Times New Roman, serif;"><br /></span></p><p class="MsoNormal"><span style="font-family: Times New Roman, serif;">SBA EIDL Loan Defaults and the Statute of Limitations 12-24-2023</span></p><p class="MsoNormal"><span style="font-family: Times New Roman, serif;"><a href="https://shenwick.blogspot.com/2023/12/sba-eidl-loan-defaults-and-statute-of.html">https://shenwick.blogspot.com/2023/12/sba-eidl-loan-defaults-and-statute-of.html</a></span></p><p class="MsoNormal"><br /></p><p class="MsoNormal"><span style="font-family: Times New Roman, serif;">SBA EIDL Penalties if an SBA EIDL Loan is Not Repaid</span></p><p class="MsoNormal"><span style="font-family: Times New Roman, serif;"><a href="https://shenwick.blogspot.com/2023/12/sba-eidl-penalties-if-sba-eidl-loan-is.html">https://shenwick.blogspot.com/2023/12/sba-eidl-penalties-if-sba-eidl-loan-is.html</a></span></p><p class="MsoNormal"><span style="font-family: Times New Roman, serif;"><br /></span></p><p class="MsoNormal"><span style="font-family: "Times New Roman", serif;">Misuse or Misapply SBA EIDL Loan Proceeds and Chapter 7 Bankruptcy Filings</span></p><p class="MsoNormal"><span style="font-family: Times New Roman, serif;"><a href="https://shenwick.blogspot.com/2023/08/misuse-or-misapply-sba-eidl-loan.html">https://shenwick.blogspot.com/2023/08/misuse-or-misapply-sba-eidl-loan.html</a></span></p><p class="MsoNormal"><span style="font-family: Times New Roman, serif;"><br /></span></p><p class="MsoNormal"><span style="font-family: "Times New Roman", serif;">SBA EIDL HARDSHIP PROGRAM</span></p><p class="MsoNormal"><span style="font-family: Times New Roman, serif;"><a href="https://shenwick.blogspot.com/2023/07/sba-eidl-hardship-program.html">https://shenwick.blogspot.com/2023/07/sba-eidl-hardship-program.html</a></span></p><p class="MsoNormal"><span style="font-family: Times New Roman, serif;"><br /></span></p><p class="MsoNormal"><span style="font-family: Times New Roman, serif;">Defaulted SBA EIDL Loans, Limited Liability Company (LLC) and Cancellation of Debt Income (COD) under Section 108 of the Internal Revenue Code</span></p><p class="MsoNormal"><span style="font-family: Times New Roman, serif;"><a href="https://shenwick.blogspot.com/2023/07/defaulted-sba-eidl-loans-limited.html">https://shenwick.blogspot.com/2023/07/defaulted-sba-eidl-loans-limited.html</a></span></p><p class="MsoNormal"><span style="font-family: Times New Roman, serif;"><br /></span></p><p class="MsoNormal"><span style="font-family: Times New Roman, serif;">Offers In Compromise ("OIC") for Defaulted SBA EIDL loans and Section 108 of the Internal Revenue Code ("IRC"), Relief of Indebted Income, a Trap for the Unwary!</span></p><p class="MsoNormal"><span style="font-family: Times New Roman, serif;"><a href="https://shenwick.blogspot.com/2023/05/offers-in-compromise-oic-for-defaulted.html">https://shenwick.blogspot.com/2023/05/offers-in-compromise-oic-for-defaulted.html</a></span></p><p class="MsoNormal"><span style="font-family: Times New Roman, serif;"><br /></span></p><p class="MsoNormal"><span style="font-family: Times New Roman, serif;">EIDL LOAN WORKOUTS AND BANKRUPTCY https://shenwick.blogspot.com/2022/07/eidl-loan-workouts-and-bankruptcy.html</span></p><p class="MsoNormal"><span style="font-family: Times New Roman, serif;"><br /></span></p><p class="MsoNormal"><span style="font-family: Times New Roman, serif;">EIDL Loan Default Questions & Answers<span style="white-space: pre;"> </span></span></p><p class="MsoNormal"><span style="font-family: Times New Roman, serif;"><a href="https://shenwick.blogspot.com/2022/10/eidl-loan-default-questions-answers.html">https://shenwick.blogspot.com/2022/10/eidl-loan-default-questions-answers.html</a></span></p><p class="MsoNormal"><span style="font-family: Times New Roman, serif;"><br /></span></p><p class="MsoNormal"><span style="font-family: Times New Roman, serif;">EIDL LOAN DEFAULT DOCUMENT REVIEW, WORKOUT, BANKRUPTCY FILING & OFFER IN COMPROMISE</span></p><p class="MsoNormal"><span style="font-family: Times New Roman, serif;"><a href="https://shenwick.blogspot.com/2022/07/eidl-loan-default-document-review.html">https://shenwick.blogspot.com/2022/07/eidl-loan-default-document-review.html</a></span></p><p class="MsoNormal"><span style="font-family: Times New Roman, serif;"><br /></span></p><p class="MsoNormal"><span style="font-family: Times New Roman, serif;">EIDL Defaulted Loans</span></p><p class="MsoNormal"><span style="font-family: Times New Roman, serif;"><a href="https://shenwick.blogspot.com/2022/07/eidl-defaulted-loans.html">https://shenwick.blogspot.com/2022/07/eidl-defaulted-loans.html</a></span></p><p class="MsoNormal"><span style="font-family: Times New Roman, serif;"><br /></span></p><p class="MsoNormal"><span style="font-family: Times New Roman, serif;">New Relief Program for SBA EIDL Borrowers Who are Having Difficulty Repaying EIDL Loans " Hardship Accommodation Plan"</span></p><p class="MsoNormal"><span style="font-family: Times New Roman, serif;"><a href="https://shenwick.blogspot.com/2023/05/new-relief-program-for-sba-eidl.html">https://shenwick.blogspot.com/2023/05/new-relief-program-for-sba-eidl.html</a></span></p><p class="MsoNormal"><span style="font-family: "Times New Roman", serif;">EIDL LOANS and SBA OFFER IN COMPROMISE PROGRAM</span></p><p class="MsoNormal"><span style="font-family: Times New Roman, serif;"><a href="https://shenwick.blogspot.com/2022/07/eidl-loans-and-sba-offer-in-compromise.html">https://shenwick.blogspot.com/2022/07/eidl-loans-and-sba-offer-in-compromise.html</a></span></p><p class="MsoNormal"><span style="font-family: "Times New Roman", serif;">PPP & EIDL Fraud</span></p><p class="MsoNormal"><span style="font-family: Times New Roman, serif;"><a href="https://shenwick.blogspot.com/2022/08/ppp-eidl-fraud.html">https://shenwick.blogspot.com/2022/08/ppp-eidl-fraud.html</a></span></p><p class="MsoNormal"><span style="font-family: Times New Roman, serif;"><br /></span></p><p class="MsoNormal"><span style="font-family: Times New Roman, serif;"></span></p><p class="MsoNormal"><br /></p><div><br /></div><p class="MsoNormal"><br /></p>James Shenwickhttp://www.blogger.com/profile/02475775146092151913noreply@blogger.com0tag:blogger.com,1999:blog-34578795.post-26368613524734055852024-02-08T14:55:00.006-05:002024-02-13T09:55:37.171-05:00Credit card debt increases by $50B to new record high<h3 style="text-align: left;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiOyoNDpEpk7GkAB8dCJeJVXXhV3Ex6T4H3Av6AiWPxtsJ2fRzh7-99fMvmSSt3Al9CPoAQe6YQ7jkjdCeFj9q36MwC9wED9R7JeRavn_9Qa9LNY6eIid-1oJO_45yaBIdjYvIj4pEfUcv4kFTE-gfsYIZGJJKbkb4ZKqi8onB2_eXwHaiU0lkx/s270/hands-gbc0afcf26_180.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="180" data-original-width="270" height="180" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiOyoNDpEpk7GkAB8dCJeJVXXhV3Ex6T4H3Av6AiWPxtsJ2fRzh7-99fMvmSSt3Al9CPoAQe6YQ7jkjdCeFj9q36MwC9wED9R7JeRavn_9Qa9LNY6eIid-1oJO_45yaBIdjYvIj4pEfUcv4kFTE-gfsYIZGJJKbkb4ZKqi8onB2_eXwHaiU0lkx/s1600/hands-gbc0afcf26_180.jpg" width="270" /></a></div><br /> The Hill is reporting that credit <span face=""Graphik Web", sans-serif" style="background-color: white; color: #2b2c30; font-size: 16px;">card debt in the United States increased by $50 billion in the fourth quarter of 2023, according to recent findings from the New York Federal Reserve. </span></h3><h3 style="text-align: left;"><span face=""Graphik Web", sans-serif" style="background-color: white; color: #2b2c30; font-size: 16px;"><br /></span><span face=""Graphik Web", sans-serif" style="background-color: white; color: #2b2c30; font-size: 16px;">Will this increase in credit card debt result in more personal </span><span face="Graphik Web, sans-serif" style="color: #2b2c30;">bankruptcy filings?<br /></span><span face=""Graphik Web", sans-serif" style="background-color: white; color: #2b2c30; font-size: 16px;">The story can be found at </span><span face="Graphik Web, sans-serif" style="color: #2b2c30;"><a href="https://thehill.com/business/4451222-credit-card-debt-increased-by-50b-new-record-high/">https://thehill.com/business/4451222-credit-card-debt-increased-by-50b-new-record-high/</a></span></h3><h3 style="text-align: left;"><br />Jim Shenwick, Esq 917 363 3391 jshenwick@gmail.com <br />Please click the link to schedule a telephone call with me.<br /><a href="https://calendly.com/james-shenwick/15min">https://calendly.com/james-shenwick/15min<br /></a>We held individuals & businesses with too much debt!</h3>James Shenwickhttp://www.blogger.com/profile/02475775146092151913noreply@blogger.com0tag:blogger.com,1999:blog-34578795.post-52548136220437300502024-02-06T16:11:00.008-05:002024-02-06T16:11:58.630-05:00Chapter 11 Bankruptcy Filings Increase 22% Y/Y in January, Subchapter V Filings Up 43% according to monitordaily.com<p> </p><h2 style="background-color: white; box-sizing: border-box; color: #222222; font-family: "Fira Sans"; font-size: 36px !important; line-height: 39px !important; margin: 20px 0px 10px; overflow-wrap: break-word; text-align: left;">Chapter 11 Bankruptcy Filings Increase 22% Y/Y in January, Subchapter V Filings Up 43%<br /><a href="https://www.monitordaily.com/news-posts/chapter-11-bankruptcy-filings-increase-22-y-y-in-january-subchapter-v-filings-up-43/">https://www.monitordaily.com/news-posts/chapter-11-bankruptcy-filings-increase-22-y-y-in-january-subchapter-v-filings-up-43/</a><br /><br />Jim Shenwick, Esq 917 363 3391 jshenwick@gmail.com <br />Please click the link to schedule a telephone call with me.<br /><a href="https://calendly.com/james-shenwick/15min">https://calendly.com/james-shenwick/15min<br /></a>We held individuals & businesses with too much debt!</h2>James Shenwickhttp://www.blogger.com/profile/02475775146092151913noreply@blogger.com0tag:blogger.com,1999:blog-34578795.post-59677676763466148682024-01-29T13:57:00.002-05:002024-01-29T13:57:07.499-05:00James Shenwick Esq is proud to announce that he is an Avvo Rated Top Lawyer for 2024 <p><br /></p><br />James Shenwickhttp://www.blogger.com/profile/02475775146092151913noreply@blogger.com0tag:blogger.com,1999:blog-34578795.post-89109726132354257052024-01-29T09:42:00.008-05:002024-02-13T19:06:54.053-05:00SMALL BUSINESS ADMINISTRATION IMPLEMENTS 60-DAY GOODWILL EXCEPTION FOR PPP, EIDL LOANS<p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjiG1EHUUFpfWCnwApZ9tpJShuihViTMOZS8RxeU_hTnKW64CyjpJ-tPhclEnzU3198MRbvUXW8agQk68w4BaLd2RZ6gfWQN7kdUiMpALCkzSRuz8r3vvO-xLrOofquS9lWsnJ96B_X4AgGfcQRwCsXmhQX1Q6TNykkK6hIFloUyVgakU3HhiXJ/s235/Bankruptcy%20credit-squeeze-g08e7fc96a_180.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="180" data-original-width="235" height="180" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjiG1EHUUFpfWCnwApZ9tpJShuihViTMOZS8RxeU_hTnKW64CyjpJ-tPhclEnzU3198MRbvUXW8agQk68w4BaLd2RZ6gfWQN7kdUiMpALCkzSRuz8r3vvO-xLrOofquS9lWsnJ96B_X4AgGfcQRwCsXmhQX1Q6TNykkK6hIFloUyVgakU3HhiXJ/s1600/Bankruptcy%20credit-squeeze-g08e7fc96a_180.jpg" width="235" /></a></div><br /> <p></p><p>SMALL BUSINESS ADMINISTRATION IMPLEMENTS 60-DAY GOODWILL EXCEPTION FOR PPP, EIDL LOANS</p><p>Blackenterprise.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 </p><p><a href="https://www.blackenterprise.com/sba-implements-60-day-goodwill-exception-for-ppp-eidl-loans/">https://www.blackenterprise.com/sba-implements-60-day-goodwill-exception-for-ppp-eidl-loans/</a></p><p><br /></p><p>Jim Shenwick, Esq 917 363 3391 jshenwick@gmail.com </p><p>Please click the link to schedule a telephone call with me.</p><p><a href="https://calendly.com/james-shenwick/15min">https://calendly.com/james-shenwick/15min</a></p><p>We held individuals & businesses with too much debt!</p>James Shenwickhttp://www.blogger.com/profile/02475775146092151913noreply@blogger.com0tag:blogger.com,1999:blog-34578795.post-32012937584914748202024-01-23T16:33:00.001-05:002024-01-23T16:33:42.208-05:00How to Get a Handle on Debt in 2024<h2 style="height: 0px; text-align: left;"><span style="font-weight: normal;"> <span style="font-size: large;">Next Avenue has a helpful article on <br /><br /></span></span></h2><h2 style="height: 0px; text-align: left;"><span style="font-weight: normal;"><span style="font-size: large;"><br /></span></span></h2><h2 style="height: 0px; text-align: left;"><span style="font-weight: normal;"><span style="font-size: large;">How to Get a Handle on Debt in 2024. The article can be found at <br /><span face="aria-text-g2, serif">https://www.nextavenue.org/how-to-get-a-handle-on-debt-in-2024/</span><span face="aria-text-g2, serif"><br /></span></span></span></h2><h2 style="height: 0px; text-align: left;"><span style="font-size: large;"><span face="aria-text-g2, serif" style="font-weight: normal;"><br /></span></span></h2><div><span style="font-size: large;"><span face="aria-text-g2, serif" style="font-weight: normal;"><br /></span></span></div><div><span style="font-size: x-large;">Jim Shenwick, Esq 917 363 3391 jshenwick@gmail.com </span></div><h2 style="height: 0px; text-align: left;"><span style="font-weight: normal;"><span style="font-size: large;"><span face="aria-text-g2, serif">Please click the link to schedule a telephone call with me.</span><span face="aria-text-g2, serif"><br /></span><span face="aria-text-g2, serif"> https://calendly.com/james-shenwick/15min</span><span face="aria-text-g2, serif"><br /></span></span><span face="aria-text-g2, serif"><span style="font-size: large;">We held individuals & businesses with too much debt!</span><br /></span>x</span></h2>James Shenwickhttp://www.blogger.com/profile/02475775146092151913noreply@blogger.com0tag:blogger.com,1999:blog-34578795.post-36285823195377808772024-01-18T18:08:00.007-05:002024-01-18T18:08:50.317-05:00SBA Announces Hardship Accomodation Plan for COVID EIDL Borrowers<p> </p><p>The SBA just announced a new relief program for PPP and COVID EIDL Borrowers.</p><p>Details and information about the new relief program can be found at </p><p><a href="https://www.sba.gov/funding-programs/loans/covid-19-relief-options/covid-19-economic-injury-disaster-loan/manage-your-eidl#:~:text=SBA%20is%20offering%20a%20Hardship,renew%20after%20the%20plan%20concludes.">https://www.sba.gov/funding-programs/loans/covid-19-relief-options/covid-19-economic-injury-disaster-loan/manage-your-eidl#:~:text=SBA%20is%20offering%20a%20Hardship,renew%20after%20the%20plan%20concludes.</a></p><p>The relief is an extension of the Hardship Accommodation Plan</p><p>The new Hardship Accommodation Plan will reduce borrowers monthly payments and help cash flow issues in the short term (6 months or longer) but it will not reduce the sum owed to the SBA or address a failed business that cannot make regular payments to the SBA. Borrowers with defaulted SBA loans should schedule a telephone call with Jim Shenwick, Esq.</p><p>The SBA is offering a Hardship Accommodation Plan for borrowers experiencing short-term financial challenges. Borrowers eligible for this plan may make reduced payments for a six-month period, with the option to renew after the plan concludes. Interest will continue to accrue, which may increase (or create) a balloon payment due at the end of the loan term.</p><p>Terms</p><p>Borrowers are required to pay a fixed percentage of their monthly payment amount. Payment reduction will vary based on past enrollment status.</p><p>The regular monthly payment amount will resume and be required after the six-month Hardship Accommodation period ends. </p><p>Borrowers may be able to renew the Hardship Accommodation Plan, if necessary. The terms may vary for renewals.</p><p><br /></p><p>Eligibility & Enrollment</p><p>Borrowers are eligible to enroll in the Hardship Accommodation Plan beginning 60 calendar days before their first payment due date. </p><p>If your loan amount is less than or equal to $200,000: </p><p>First-time enrollment: To enroll in the Hardship Accommodation plan, create an account or log in to the MySBA Loan Portal. Within the portal, click “Loan Summaries” in the toolbar. On the Loan Summary page, look for “Hardship Accommodation Plan” in the bottom right corner. Click “Learn more and enroll.”</p><p>Renewals: You may renew the Hardship Accommodation Plan one time through the MySBA Loan Portal. If you need renew more than once, please contact COVID-19 EIDL customer service (include Hardship Accommodation Plan in the email subject line), or send a message through the MySBA Loan Portal. You will be contacted by a loan specialist regarding requirements. </p><p>If your loan amount exceeds $200,000: </p><p>First-time enrollment and renewals: Please contact COVID-19 EIDL customer service (include Hardship Accommodation Plan in the email subject line) or send a message through the MySBA Loan Portal. You will be contacted by a loan specialist regarding requirements."</p><p><br /></p><p>Jim Shenwick, Esq 917 363 3391 jshenwick@gmail.com </p><p>Please click the link to schedule a telephone call with me.</p><p><a href="https://calendly.com/james-shenwick/15min">https://calendly.com/james-shenwick/15min</a></p><p>We held individuals & businesses with too much debt!</p><p><br /></p>James Shenwickhttp://www.blogger.com/profile/02475775146092151913noreply@blogger.com0tag:blogger.com,1999:blog-34578795.post-27981296944979889922024-01-15T10:00:00.003-05:002024-01-15T10:00:26.029-05:00How the FBI is Combating COVID-19 Related Fraud<p> The FBI combating COVID related fraud, including PPP & EIDL loans. </p><p>The article written by an FBI agent can be found at: </p><p><a href="https://www.fbi.gov/contact-us/field-offices/springfield/news/how-the-fbi-is-combatting-covid-19-related-fraud">https://www.fbi.gov/contact-us/field-offices/springfield/news/how-the-fbi-is-combatting-covid-19-related-fraud</a></p><p><br /></p><p>Jim Shenwick, Esq 917 363 3391 jshenwick@gmail.com </p><p>Please click the link to schedule a telephone call with me.</p><p><a href="https://calendly.com/james-shenwick/15min">https://calendly.com/james-shenwick/15min</a></p><p>We held individuals & businesses with too much debt!</p>James Shenwickhttp://www.blogger.com/profile/02475775146092151913noreply@blogger.com0tag:blogger.com,1999:blog-34578795.post-2145828268599728382024-01-11T14:21:00.000-05:002024-01-11T14:21:09.249-05:00Chapter 11 Bankruptcy Filings Rose 72% in 2023<p>Chapter 11 Bankruptcy Filings Rose 72% in 2023</p><p> 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-subchapter-V-healthcare-Peloton-effect/704173/</p><p><br /></p><p>Jim Shenwick, Esq 917 363 3391 jshenwick@gmail.com </p><p>Please click the link to schedule a telephone call with me.</p><p> <a href="https://calendly.com/james-shenwick/15min">https://calendly.com/james-shenwick/15min</a></p><p>We held individuals & businesses with too much debt!</p>James Shenwickhttp://www.blogger.com/profile/02475775146092151913noreply@blogger.com0tag:blogger.com,1999:blog-34578795.post-57176007003659119252024-01-05T11:52:00.003-05:002024-01-08T09:36:06.774-05:00 SBA EIDL LOANS & CIVIL & CRIMINAL PENALTIES & BANKRUPTCY FILINGS<p> <span style="font-size: large;"><span style="font-family: "Times New Roman", serif; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">SBA EIDL LOANS & CIVIL & CRIMINAL PENALTIES</span><span style="font-family: "Times New Roman", serif; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> & </span><span style="font-family: "Times New Roman", serif; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">BANKRUPTCY FILINGS</span></span></p><span id="docs-internal-guid-d1af248d-7fff-6a85-49e5-3b3b73aea0e4"><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><span style="background-color: #f9fafb; font-family: "Times New Roman", serif; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-size: large;">Many 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. </span></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><span style="background-color: #f9fafb; font-family: "Times New Roman", serif; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-size: large;">The answer depends on the "facts and circumstances" of each case. </span></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><span style="background-color: #f9fafb; font-family: "Times New Roman", serif; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-size: large;">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. </span></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><span style="background-color: #f9fafb; font-family: "Times New Roman", serif; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-size: large;">Second, what is the dollar amount involved? Was it a misapplication of $25,000.00, $50,000.00, or $1,000,000.00? The SBA and Department of Justice are busy organizations that tend to focus on larger dollar amounts when pursuing criminal actions.</span></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><span style="background-color: #f9fafb; font-family: "Times New Roman", serif; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-size: large;">Third, were the involved parties part of a criminal gang or ring with prior criminal actions or convictions or first offenders.</span></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><span style="background-color: #f9fafb; font-family: "Times New Roman", serif; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-size: large;">Fourth, reported criminal cases often involve situations where loans were obtained with no legitimate business purpose. Instead, the funds were acquired through false representations to the SBA, with the intent to steal from or defraud the government. </span></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><span style="background-color: #f9fafb; font-family: "Times New Roman", serif; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-size: large;">Consequently, wrongfully applying for or misusing SBA EIDL loans can lead to civil or criminal penalties.</span></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><span style="font-family: "Times New Roman", serif; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-size: large;">The SBA loan documents signed by all borrowers say that whoever wrongfully misapplies SBA loans shall be civilly liable to the Administrator in an amount equal to one-and-one half times the original principal amount of the loan under 15 U.S.C. 636(b).</span></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><span style="font-family: "Times New Roman", serif; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-size: large;">Second in addition, any false statement or misrepresentation to the SBA may result in criminal, civil or administrative sanctions including, but not limited to: 1) fines, imprisonment or both, under 15 U.S.C. 645, 18 U.S.C. 1001, 18 U.S.C. 1014, 18 U.S.C. 1040, 18 U.S.C. 3571, and any other applicable laws; 2) treble damages and civil penalties under the False Claims Act, 31 U.S.C. 3729; 3) double damages and civil penalties under the Program Fraud Civil Remedies Act, 31 U.S.C. 3802; and 4) suspension and/or debarment from all Federal procurement and non-procurement transactions. </span></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><span style="font-family: "Times New Roman", serif; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-size: large;">Statutory fines may increase if amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015.</span></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><span style="font-family: "Times New Roman", serif; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-size: large;">Third,if one intentionally misuse the funds, it could be considered fraud, wire fraud, money laundering, false statements, or theft of government funds. which are criminal offenses. </span></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><span style="font-family: "Times New Roman", serif; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-size: large;">Fraudulent use of SBA loan proceeds may lead to fines, penalties, and potentially imprisonment.</span></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><span style="font-size: large;"><span style="font-family: "Times New Roman", serif; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">Fourth, The dischargeability of SBA EIDL loans in Chapter 7 Bankruptcy is governed by bankruptcy law section 11 U.S.C.A. § 523(a)(2)(B). That section provides for </span><span style="font-family: "Times New Roman", serif; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">non-dischargeability of debts obtained by false representation or fraud</span><span style="font-family: "Times New Roman", serif; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">. </span></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><span style="font-size: large;"><span style="font-family: "Times New Roman", serif; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">Clients with questions about defaulted SBA loans and civil or criminal penalties, or discharging those loans in Bankruptcy should contact Jim Shenwick, Esq </span><a href="mailto:jshenwick@gmail.com" style="text-decoration-line: none;"><span style="color: #1155cc; font-family: "Times New Roman", serif; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space-collapse: preserve;">jshenwick@gmail.com</span></a><span style="font-family: "Times New Roman", serif; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> 917 363 3391</span></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><span style="font-family: "Times New Roman", serif; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-size: large;">Jim Shenwick, Esq 917 363 3391 jshenwick@gmail.com </span></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><span style="font-family: "Times New Roman", serif; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-size: large;">Please click the link to schedule a telephone call with me.</span></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><span style="font-size: large;"><span style="font-family: "Times New Roman", serif; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> </span><a href="https://calendly.com/james-shenwick/15min" style="text-decoration-line: none;"><span style="color: #1155cc; font-family: "Times New Roman", serif; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space-collapse: preserve;">https://calendly.com/james-shenwick/15min</span></a></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><span style="font-family: "Times New Roman", serif; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-size: large;">We held individuals & businesses with too much debt!</span></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><span style="font-family: "Times New Roman", serif; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-size: large;">---</span></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><span style="font-family: "Times New Roman", serif; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="font-size: large;">Other SBA EIDL Blog Posts by Jim Shenwick, Esq.</span></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><span style="font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline;"><span style="font-family: Times New Roman, serif; font-size: large; white-space-collapse: preserve;">
Defaulted SBA EIDL Loans: In Reversal, U.S. to Heighten Efforts to Collect Billions in Unpaid Covid Loans
https://shenwick.blogspot.com/2023/12/defaulted-sba-eidl-loans-in-reversal-us.html
SBA EIDL Loan Defaults and the Statute of Limitations 12-24-2023
https://shenwick.blogspot.com/2023/12/sba-eidl-loan-defaults-and-statute-of.html
SBA EIDL Penalties if an SBA EIDL Loan is Not Repaid
https://shenwick.blogspot.com/2023/12/sba-eidl-penalties-if-sba-eidl-loan-is.html
Misuse or Misapply SBA EIDL Loan Proceeds and Chapter 7 Bankruptcy Filings
https://shenwick.blogspot.com/2023/08/misuse-or-misapply-sba-eidl-loan.html
SBA EIDL HARDSHIP PROGRAM
https://shenwick.blogspot.com/2023/07/sba-eidl-hardship-program.html
Defaulted SBA EIDL Loans, Limited Liability Company (LLC) and Cancellation of Debt Income (COD) under Section 108 of the Internal Revenue Code
https://shenwick.blogspot.com/2023/07/defaulted-sba-eidl-loans-limited.html
Offers In Compromise ("OIC") for Defaulted SBA EIDL loans and Section 108 of the Internal Revenue Code ("IRC"), Relief of Indebted Income, a Trap for the Unwary!
https://shenwick.blogspot.com/2023/05/offers-in-compromise-oic-for-defaulted.html
EIDL LOAN WORKOUTS AND BANKRUPTCY https://shenwick.blogspot.com/2022/07/eidl-loan-workouts-and-bankruptcy.html
EIDL Loan Default Questions & Answers
https://shenwick.blogspot.com/2022/10/eidl-loan-default-questions-answers.html
EIDL LOAN DEFAULT DOCUMENT REVIEW, WORKOUT, BANKRUPTCY FILING & OFFER IN COMPROMISE
https://shenwick.blogspot.com/2022/07/eidl-loan-default-document-review.html
EIDL Defaulted Loans
https://shenwick.blogspot.com/2022/07/eidl-defaulted-loans.html
New Relief Program for SBA EIDL Borrowers Who are Having Difficulty Repaying EIDL Loans " Hardship Accommodation Plan"
https://shenwick.blogspot.com/2023/05/new-relief-program-for-sba-eidl.html
EIDL LOANS and SBA OFFER IN COMPROMISE PROGRAM
https://shenwick.blogspot.com/2022/07/eidl-loans-and-sba-offer-in-compromise.html
PPP & EIDL Fraud
https://shenwick.blogspot.com/2022/08/ppp-eidl-fraud.html
Better to connect-What small business owners need to know about repaying loans tied to pandemic relief from the SBA EIDL Loans
https://shenwick.blogspot.com/2022/11/better-to-connect-what-small-business.html</span></span></p><br /></span>James Shenwickhttp://www.blogger.com/profile/02475775146092151913noreply@blogger.com0tag:blogger.com,1999:blog-34578795.post-21011495955332831882023-12-30T20:40:00.006-05:002023-12-30T20:40:27.341-05:00Defaulted SBA EIDL Loans: In Reversal, U.S. to Heighten Efforts to Collect Billions in Unpaid Covid Loans <p> 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. </p><p>This is a reversal of SBA policy where the SBA had stated that they would not seek to collect defaulted SBA loans under $100,000.00</p><p>Clients with questions about defaulted SBA loans should contact Jim Shenwick, Esq. 917 363 3391 jshenwick@gmail.com</p><p>Please click the link to schedule a telephone call with me.</p><p><a href="https://calendly.com/james-shenwick/15min">https://calendly.com/james-shenwick/15min</a></p><p><br /></p><p>Jim Shenwick, Esq 917 363 3391 jshenwick@gmail.com </p><p>Please click the link to schedule a telephone call with me.</p><p> <a href="https://calendly.com/james-shenwick/15min">https://calendly.com/james-shenwick/15min</a></p><p>We held individuals & businesses with too much debt!</p><p>------</p><p>SBA EIDL Loan Defaults and the Statute of Limitations 12-24-2023</p><p><a href="https://shenwick.blogspot.com/2023/12/sba-eidl-loan-defaults-and-statute-of.html">https://shenwick.blogspot.com/2023/12/sba-eidl-loan-defaults-and-statute-of.html</a></p><p><br /></p><p><br /></p><p>SBA EIDL Penalties if an SBA EIDL Loan is Not Repaid</p><p><a href="https://shenwick.blogspot.com/2023/12/sba-eidl-penalties-if-sba-eidl-loan-is.html">https://shenwick.blogspot.com/2023/12/sba-eidl-penalties-if-sba-eidl-loan-is.html</a></p><p><br /></p><p><br /></p><p>Misuse or Misapply SBA EIDL Loan Proceeds and Chapter 7 Bankruptcy Filings</p><p><a href="https://shenwick.blogspot.com/2023/08/misuse-or-misapply-sba-eidl-loan.html">https://shenwick.blogspot.com/2023/08/misuse-or-misapply-sba-eidl-loan.html</a></p><p><br /></p><p><br /></p><p>SBA EIDL HARDSHIP PROGRAM</p><p><a href="https://shenwick.blogspot.com/2023/07/sba-eidl-hardship-program.html">https://shenwick.blogspot.com/2023/07/sba-eidl-hardship-program.html</a></p><p><br /></p><p>Defaulted SBA EIDL Loans, Limited Liability Company (LLC) and Cancellation of Debt Income (COD) under Section 108 of the Internal Revenue Code</p><p><a href="https://shenwick.blogspot.com/2023/07/defaulted-sba-eidl-loans-limited.html">https://shenwick.blogspot.com/2023/07/defaulted-sba-eidl-loans-limited.html</a></p><p><br /></p><p>Offers In Compromise ("OIC") for Defaulted SBA EIDL loans and Section 108 of the Internal Revenue Code ("IRC"), Relief of Indebted Income, a Trap for the Unwary!</p><p><a href="https://shenwick.blogspot.com/2023/05/offers-in-compromise-oic-for-defaulted.html">https://shenwick.blogspot.com/2023/05/offers-in-compromise-oic-for-defaulted.html</a></p><p><br /></p><p>EIDL LOAN WORKOUTS AND BANKRUPTCY </p><p><a href="https://shenwick.blogspot.com/2022/07/eidl-loan-workouts-and-bankruptcy.html">https://shenwick.blogspot.com/2022/07/eidl-loan-workouts-and-bankruptcy.html</a></p><p><br /></p><p>EIDL Loan Default Questions & Answers<span style="white-space: pre;"> </span></p><p><a href="https://shenwick.blogspot.com/2022/10/eidl-loan-default-questions-answers.html">https://shenwick.blogspot.com/2022/10/eidl-loan-default-questions-answers.html</a></p><p><br /></p><p>EIDL LOAN DEFAULT DOCUMENT REVIEW, WORKOUT, BANKRUPTCY FILING & OFFER IN COMPROMISE</p><p><a href="https://shenwick.blogspot.com/2022/07/eidl-loan-default-document-review.html">https://shenwick.blogspot.com/2022/07/eidl-loan-default-document-review.html</a></p><p><br /></p><p>EIDL Defaulted Loans</p><p><a href="https://shenwick.blogspot.com/2022/07/eidl-defaulted-loans.html">https://shenwick.blogspot.com/2022/07/eidl-defaulted-loans.html</a></p><p><br /></p><p>New Relief Program for SBA EIDL Borrowers Who are Having Difficulty Repaying EIDL Loans " Hardship Accommodation Plan"</p><p><a href="https://shenwick.blogspot.com/2023/05/new-relief-program-for-sba-eidl.html">https://shenwick.blogspot.com/2023/05/new-relief-program-for-sba-eidl.html</a></p><p><br /></p><p>EIDL LOANS and SBA OFFER IN COMPROMISE PROGRAM</p><p><a href="https://shenwick.blogspot.com/2022/07/eidl-loans-and-sba-offer-in-compromise.html">https://shenwick.blogspot.com/2022/07/eidl-loans-and-sba-offer-in-compromise.html</a></p><p><br /></p><p>PPP & EIDL Fraud</p><p><a href="https://shenwick.blogspot.com/2022/08/ppp-eidl-fraud.html">https://shenwick.blogspot.com/2022/08/ppp-eidl-fraud.html</a></p><p><br /></p><p>Better to connect-What small business owners need to know about repaying loans tied to pandemic relief from the SBA EIDL Loans</p><p><a href="https://shenwick.blogspot.com/2022/11/better-to-connect-what-small-business.html">https://shenwick.blogspot.com/2022/11/better-to-connect-what-small-business.html</a></p><div><br /></div><p><br /></p>James Shenwickhttp://www.blogger.com/profile/02475775146092151913noreply@blogger.com0tag:blogger.com,1999:blog-34578795.post-7760760467771680982023-12-26T11:52:00.003-05:002023-12-26T11:52:24.772-05:00IRS Grants Automatic Relief To Millions In Taxpayer Penalty Waivers<p><span style="font-size: large;"> IRS Grants Automatic Relief To Millions In Taxpayer Penalty Waivers</span></p><p><span style="font-size: large;">The story can be found at<a href=" https://www.pelhamplus.com/finance/irs-grants-automatic-relief-to-millions-in-taxpayer-penalty-waivers/" target="_blank"> https://www.pelhamplus.com/finance/irs-grants-automatic-relief-to-millions-in-taxpayer-penalty-waivers/</a></span></p><p><span style="font-size: large;"><br /></span></p><p><span style="font-size: large;">Jim Shenwick, Esq 917 363 3391 jshenwick@gmail.com </span></p><p><span style="font-size: large;">Please click the link to schedule a telephone call with me.</span></p><p><a href=" https://calendly.com/james-shenwick/15min" target="_blank"><span style="font-size: large;"> https://calendly.com/james-shenwick/15min</span></a></p><p><span style="font-size: large;">We held individuals & businesses with too much debt!</span></p>James Shenwickhttp://www.blogger.com/profile/02475775146092151913noreply@blogger.com0tag:blogger.com,1999:blog-34578795.post-37190900184353457392023-12-24T17:43:00.003-05:002023-12-24T17:45:24.457-05:00 SBA EIDL Loan Defaults and the Statute of Limitations 12-24-2023<p><br /></p><span id="docs-internal-guid-037ded42-7fff-9ebe-f3e0-37c5e4d452ee"><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><span style="font-family: "Times New Roman", serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">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.</span></p><ol style="margin-bottom: 0; margin-top: 0; padding-inline-start: 48px;"><li aria-level="1" dir="ltr" style="font-family: "Times New Roman", serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; list-style-type: decimal; vertical-align: baseline; white-space: pre;"><p dir="ltr" role="presentation" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 10pt;"><span style="font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-wrap: wrap; vertical-align: baseline;">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.</span></p></li><li aria-level="1" dir="ltr" style="font-family: "Times New Roman", serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; list-style-type: decimal; vertical-align: baseline; white-space: pre;"><p dir="ltr" role="presentation" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-wrap: wrap; vertical-align: baseline;">The Federal Government also has 6 years to sue the guarantor of a defaulted SBA EIDL loan.</span></p></li><li aria-level="1" dir="ltr" style="font-family: "Times New Roman", serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; list-style-type: decimal; vertical-align: baseline; white-space: pre;"><p dir="ltr" role="presentation" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-wrap: wrap; vertical-align: baseline;">The 6 years runs from the date the borrower defaulted on the debt or the last time the borrower made a payment or otherwise acknowledged the debt in writing.</span></p></li><li aria-level="1" dir="ltr" style="font-family: "Times New Roman", serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; list-style-type: decimal; vertical-align: baseline; white-space: pre;"><p dir="ltr" role="presentation" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-wrap: wrap; vertical-align: baseline;">However, the Federal Government also takes the position that the statute of limitations for fraud on an SBA EIDL loan is 10 years.</span></p></li><li aria-level="1" dir="ltr" style="font-family: "Times New Roman", serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; list-style-type: decimal; vertical-align: baseline; white-space: pre;"><p dir="ltr" role="presentation" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-wrap: wrap; vertical-align: baseline;">Tax Refund Offsets - The IRS generally has 10 years to collect outstanding taxes, penalties, and interest by offsetting tax refunds. This 10-years starts from the date the tax return was filed or the date the tax was assessed.</span></p></li><li aria-level="1" dir="ltr" style="font-family: "Times New Roman", serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; list-style-type: decimal; vertical-align: baseline; white-space: pre;"><p dir="ltr" role="presentation" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-wrap: wrap; vertical-align: baseline;">Federal Payments Offset - Federal agencies generally have 10 years to refer eligible debts to the Treasury Offset Program for administrative offset of federal payments like Social Security retirement and disability benefits. </span></p></li><li aria-level="1" dir="ltr" style="font-family: "Times New Roman", serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; list-style-type: decimal; vertical-align: baseline; white-space: pre;"><p dir="ltr" role="presentation" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-wrap: wrap; vertical-align: baseline;">Salary Offset - Salary offset refers to withholding money from a federal employee's disposable pay to collect a debt owed to the federal government. There is generally no statute of limitations on federal salary offsets.</span></p></li><li aria-level="1" dir="ltr" style="font-family: "Times New Roman", serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; list-style-type: decimal; vertical-align: baseline; white-space: pre;"><p dir="ltr" role="presentation" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-wrap: wrap; vertical-align: baseline;">Administrative Wage Garnishment - This is garnishment of pay as a means of collecting defaulted federal debt, even for a non-government employee. There is generally no statute of limitations as long as the underlying federal debt is still valid and legally enforceable.However, only 15% of a person’s pay may be offset thru wage garnishment. </span></p></li><li aria-level="1" dir="ltr" style="font-family: "Times New Roman", serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; list-style-type: decimal; vertical-align: baseline; white-space: pre;"><p dir="ltr" role="presentation" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 0pt;"><span style="font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-wrap: wrap; vertical-align: baseline;">This post does not discuss the statute of limitations for criminal penalties or actions by the Federal Government, which is beyond the scope of this post. </span></p></li></ol><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><span style="font-family: "Times New Roman", serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">Individuals or businesses with questions about SBA EIDL loans should contact Jim Shenwick, Esq </span><a href="mailto:jshenwick@gmail.com" style="text-decoration-line: none;"><span style="color: #1155cc; font-family: "Times New Roman", serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space-collapse: preserve;">jshenwick@gmail.com</span></a><span style="font-family: "Times New Roman", serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> 917 363 3391</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><span style="font-family: "Times New Roman", serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">Please click the link to schedule a telephone call with me.</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><a href="https://calendly.com/james-shenwick/15min" style="text-decoration-line: none;"><span style="color: #1155cc; font-family: "Times New Roman", serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space-collapse: preserve;">https://calendly.com/james-shenwick/15min</span></a></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><span style="font-family: "Times New Roman", serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">We held individuals & businesses with too much debt!</span></p><div><span style="font-family: "Times New Roman", serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span></div></span>James Shenwickhttp://www.blogger.com/profile/02475775146092151913noreply@blogger.com0tag:blogger.com,1999:blog-34578795.post-31663196361620100432023-12-22T09:34:00.005-05:002023-12-22T09:34:27.449-05:00Shenwick Blog Posts on SBA EIDL Loans<p>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.</p><p><a href="https://calendly.com/james-shenwick/15min">https://calendly.com/james-shenwick/15min</a></p><p><br /></p><p>SBA EIDL Penalties if an SBA EIDL Loan is Not Repaid</p><p>https://shenwick.blogspot.com/2023/12/sba-eidl-penalties-if-sba-eidl-loan-is.html</p><p><br /></p><p><br /></p><p>Misuse or Misapply SBA EIDL Loan Proceeds and Chapter 7 Bankruptcy Filings</p><p>https://shenwick.blogspot.com/2023/08/misuse-or-misapply-sba-eidl-loan.html</p><p><br /></p><p><br /></p><p>SBA EIDL HARDSHIP PROGRAM</p><p><a href="https://shenwick.blogspot.com/2023/07/sba-eidl-hardship-program.html">https://shenwick.blogspot.com/2023/07/sba-eidl-hardship-program.html</a></p><p><br /></p><p>Defaulted SBA EIDL Loans, Limited Liability Company (LLC) and Cancellation of Debt Income (COD) under Section 108 of the Internal Revenue Code</p><p><a href="https://shenwick.blogspot.com/2023/07/defaulted-sba-eidl-loans-limited.html">https://shenwick.blogspot.com/2023/07/defaulted-sba-eidl-loans-limited.html</a></p><p><br /></p><p>Offers In Compromise ("OIC") for Defaulted SBA EIDL loans and Section 108 of the Internal Revenue Code ("IRC"), Relief of Indebted Income, a Trap for the Unwary!</p><p><a href="https://shenwick.blogspot.com/2023/05/offers-in-compromise-oic-for-defaulted.html">https://shenwick.blogspot.com/2023/05/offers-in-compromise-oic-for-defaulted.html</a></p><p><br /></p><p>EIDL LOAN WORKOUTS AND BANKRUPTCY <a href=" https://shenwick.blogspot.com/2022/07/eidl-loan-workouts-and-bankruptcy.html" target="_blank"> https://shenwick.blogspot.com/2022/07/eidl-loan-workouts-and-bankruptcy.html</a></p><p><br /></p><p>EIDL Loan Default Questions & Answers<span style="white-space: pre;"> </span></p><p><a href="https://shenwick.blogspot.com/2022/10/eidl-loan-default-questions-answers.html">https://shenwick.blogspot.com/2022/10/eidl-loan-default-questions-answers.html</a></p><p><br /></p><p>EIDL LOAN DEFAULT DOCUMENT REVIEW, WORKOUT, BANKRUPTCY FILING & OFFER IN COMPROMISE</p><p><a href="https://shenwick.blogspot.com/2022/07/eidl-loan-default-document-review.html">https://shenwick.blogspot.com/2022/07/eidl-loan-default-document-review.html</a></p><p><br /></p><p>EIDL Defaulted Loans</p><p><a href="https://shenwick.blogspot.com/2022/07/eidl-defaulted-loans.html">https://shenwick.blogspot.com/2022/07/eidl-defaulted-loans.html</a></p><p><br /></p><p>New Relief Program for SBA EIDL Borrowers Who are Having Difficulty Repaying EIDL Loans " Hardship Accommodation Plan"</p><p><a href="https://shenwick.blogspot.com/2023/05/new-relief-program-for-sba-eidl.html">https://shenwick.blogspot.com/2023/05/new-relief-program-for-sba-eidl.html</a></p><p><br /></p><p>EIDL LOANS and SBA OFFER IN COMPROMISE PROGRAM</p><p><a href="https://shenwick.blogspot.com/2022/07/eidl-loans-and-sba-offer-in-compromise.html">https://shenwick.blogspot.com/2022/07/eidl-loans-and-sba-offer-in-compromise.html</a></p><p><br /></p><p>PPP & EIDL Fraud</p><p><a href="https://shenwick.blogspot.com/2022/08/ppp-eidl-fraud.html">https://shenwick.blogspot.com/2022/08/ppp-eidl-fraud.html</a></p><p><br /></p><p>Better to connect-What small business owners need to know about repaying loans tied to pandemic relief from the SBA EIDL Loans</p><p><a href="https://shenwick.blogspot.com/2022/11/better-to-connect-what-small-business.html">https://shenwick.blogspot.com/2022/11/better-to-connect-what-small-business.html</a></p><div><br /></div>James Shenwickhttp://www.blogger.com/profile/02475775146092151913noreply@blogger.com0tag:blogger.com,1999:blog-34578795.post-88269962702400366772023-12-21T12:48:00.007-05:002023-12-21T12:48:43.501-05:00IRS waiving $1B in penalties for people, firms owing back taxes — here’s who qualifies<p><span style="font-size: large;"> </span></p><h1 class="headline headline--single-fallback" style="background-color: white; border: 0px; box-sizing: border-box; color: var(--wp--preset--color--black); font-family: neue-haas-grotesk-display, sans-serif; letter-spacing: -0.01em; line-height: 1.05; margin: 0px 0px 1rem; padding: 0px; vertical-align: baseline;"><span style="font-size: large;">IRS waiving $1B in penalties for people, firms owing back taxes — here’s who qualifies</span></h1><p><span style="font-size: large;">NY Post has article discussing the IRS waiving $1 billion in penalties for certain tax years. The article can be found at <a href="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">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</a></span></p><p><span style="font-size: large;"><br /></span></p><p><span style="font-size: large;">Jim Shenwick, Esq 917 363 3391 jshenwick@gmail.com </span></p><p><span style="font-size: large;">Please click the link to schedule a telephone call with me.</span></p><p><a href="https://calendly.com/james-shenwick/15min"><span style="font-size: large;">https://calendly.com/james-shenwick/15min</span></a></p><p><span style="font-size: large;">We held individuals & businesses with too much debt!</span></p><p><span style="font-size: large;"><br /></span></p><p><br /></p>James Shenwickhttp://www.blogger.com/profile/02475775146092151913noreply@blogger.com0tag:blogger.com,1999:blog-34578795.post-6546676442926854772023-12-19T12:41:00.001-05:002023-12-19T12:41:21.991-05:00Holiday debt hangover poised to be ‘particularly nasty’ this year, analyst says<p><span style="font-size: large;"><span style="background-color: #f9fafb; font-family: "Inter var", ui-sans-serif, system-ui, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, "Noto Sans", sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Noto Color Emoji";">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. The article is available below. </span><a href="https://nypost.com/2023/12/18/business/holiday-debt-hangover-poised-to-be-particularly-nasty-this-year-analyst-says/?utm_source=gmail&utm_campaign=android_nyp">https://nypost.com/2023/12/18/business/holiday-debt-hangover-poised-to-be-particularly-nasty-this-year-analyst-says/?utm_source=gmail&utm_campaign=android_nyp</a></span></p><p><span style="font-size: large;"><br /></span></p><p><span style="font-size: large;">Jim Shenwick, Esq 917 363 3391 jshenwick@gmail.com </span></p><p><span style="font-size: large;">Please click the link to schedule a telephone call with me.</span></p><p><a href=" https://calendly.com/james-shenwick/15min" target="_blank"><span style="font-size: large;"> https://calendly.com/james-shenwick/15min</span></a></p><p><span style="font-size: large;">We held individuals & businesses with too much debt!</span></p>James Shenwickhttp://www.blogger.com/profile/02475775146092151913noreply@blogger.com0tag:blogger.com,1999:blog-34578795.post-35963716901505758042023-12-17T17:09:00.002-05:002023-12-17T17:17:21.797-05:00 SBA EIDL Collection Actions & Penalties if an SBA EIDL Loan is Not Repaid<p><span face="Roboto, sans-serif" style="background-color: #f9fafb; font-size: 12pt; white-space-collapse: preserve;">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." </span></p><span id="docs-internal-guid-9c04e8d5-7fff-9434-8116-5b91ed8786d3"><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><span face="Roboto, sans-serif" style="background-color: #f9fafb; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">Borrowers frequently inquire about the actions the government may take if they fail to repay their SBA EIDL loans. </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><span face="Roboto, sans-serif" style="background-color: #f9fafb; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">If payments are not received by the SBA, the agency will issue a </span><span face="Roboto, sans-serif" style="background-color: #f9fafb; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">Final Notice of Delinquency and Collection Actions</span><span face="Roboto, sans-serif" style="background-color: #f9fafb; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">. This notice states that unless you remit the full balance owed or contact the SBA Customer Service Center to discuss repayment options within 15 days from the date of the notice, the SBA may take further actions.</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><span face="Roboto, sans-serif" style="background-color: #f9fafb; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">Those actions include:</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><span face="Roboto, sans-serif" style="background-color: #f9fafb; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">1. Acceleration of the entire loan amount being due immediately,</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><span face="Roboto, sans-serif" style="background-color: #f9fafb; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">2. Interest accruing at the higher default rate,</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><span face="Roboto, sans-serif" style="background-color: #f9fafb; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">3. A lawsuit against you for the full amount owed,</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><span face="Roboto, sans-serif" style="background-color: #f9fafb; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">4. Foreclosure against the collateral of the Borrower, as provided in the Loan Agreement and Security Agreement,</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><span face="Roboto, sans-serif" style="background-color: #f9fafb; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">5. Garnishment of up to 15% of wages,</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><span face="Roboto, sans-serif" style="background-color: #f9fafb; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">6. Reporting that may disqualify you from obtaining a loan/guaranty from federal agencies,</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><span face="Roboto, sans-serif" style="background-color: #f9fafb; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">7. Reporting of your name and other information to credit bureaus, which may adversely affect your credit rating,</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><span face="Roboto, sans-serif" style="background-color: #f9fafb; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">8. Transfer of your account to the U.S. The Department of the Treasury ("Treasury Direct") who will pursue further collection actions, including offsetting any government payments owed to you, </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><span face="Roboto, sans-serif" style="background-color: #f9fafb; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">9.Treasury Direct imposes a 30% penalty on the balance of monies owed to the SBA.</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><span face="Roboto, sans-serif" style="background-color: #f9fafb; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">10. </span><span style="font-family: "Times New Roman", serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">Referral to private collection agencies and the U.S. Department of Justice </span><span face="Roboto, sans-serif" style="background-color: #f9fafb; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">for litigation, </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><span face="Roboto, sans-serif" style="background-color: #f9fafb; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">11. </span><span style="font-family: "Times New Roman", serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">The accruing of “Cancellation of Debt Income” under section 108 of Internal Revenue Code to the Borrower or the Guarantor (on loans greater than $200,000.00), which income is reported to the IRS by the SBA pursuant to a Form 1099-C</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><span face="Roboto, sans-serif" style="background-color: #f9fafb; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">Borrowers who have defaulted or are contemplating defaulting on an SBA EIDL loan should contact Jim Shenwick, Esq., as soon as possible.</span></p><br /><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><span style="font-family: "Times New Roman", serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">Jim Shenwick, Esq 917 363 3391 jshenwick@gmail.com </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><span style="font-family: "Times New Roman", serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">Please click the link to schedule a telephone call with me.</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><span style="font-family: "Times New Roman", serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"> </span><a href="https://calendly.com/james-shenwick/15min" style="text-decoration-line: none;"><span style="color: #1155cc; font-family: "Times New Roman", serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space-collapse: preserve;">https://calendly.com/james-shenwick/15min</span></a></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><span style="font-family: "Times New Roman", serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">We held individuals & businesses with too much debt!</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><span style="font-family: "Times New Roman", serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">--------</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><span style="font-family: "Times New Roman", serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">Other SBA EIDL posts by James Shenwick, Esq.</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><span style="font-family: Times New Roman, serif; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">Misuse or Misapply SBA EIDL Loan Proceeds and Chapter 7 Bankruptcy Filings
<a href="https://shenwick.blogspot.com/2023/08/misuse-or-misapply-sba-eidl-loan.html">https://shenwick.blogspot.com/2023/08/misuse-or-misapply-sba-eidl-loan.html</a>
SBA EIDL HARDSHIP PROGRAM
<a href="https://shenwick.blogspot.com/2023/07/sba-eidl-hardship-program.html">https://shenwick.blogspot.com/2023/07/sba-eidl-hardship-program.html</a>
Defaulted SBA EIDL Loans, Limited Liability Company (LLC) and Cancellation of Debt Income (COD) under Section 108 of the Internal Revenue Code
<a href="https://shenwick.blogspot.com/2023/07/defaulted-sba-eidl-loans-limited.html">https://shenwick.blogspot.com/2023/07/defaulted-sba-eidl-loans-limited.html</a>
Offers In Compromise ("OIC") for Defaulted SBA EIDL loans and Section 108 of the Internal Revenue Code ("IRC"), Relief of Indebted Income, a Trap for the Unwary!
<a href="https://shenwick.blogspot.com/2023/05/offers-in-compromise-oic-for-defaulted.html">https://shenwick.blogspot.com/2023/05/offers-in-compromise-oic-for-defaulted.html</a>
EIDL LOAN WORKOUTS AND BANKRUPTCY </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 10pt; margin-top: 10pt;"><span style="font-family: Times New Roman, serif; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;"><a href="https://shenwick.blogspot.com/2022/07/eidl-loan-workouts-and-bankruptcy.html">https://shenwick.blogspot.com/2022/07/eidl-loan-workouts-and-bankruptcy.html</a>
EIDL Loan Default Questions & Answers
<a href="https://shenwick.blogspot.com/2022/10/eidl-loan-default-questions-answers.html">https://shenwick.blogspot.com/2022/10/eidl-loan-default-questions-answers.html</a>
EIDL LOAN DEFAULT DOCUMENT REVIEW, WORKOUT, BANKRUPTCY FILING & OFFER IN COMPROMISE
<a href="https://shenwick.blogspot.com/2022/07/eidl-loan-default-document-review.html">https://shenwick.blogspot.com/2022/07/eidl-loan-default-document-review.html</a>
EIDL Defaulted Loans
<a href="https://shenwick.blogspot.com/2022/07/eidl-defaulted-loans.html">https://shenwick.blogspot.com/2022/07/eidl-defaulted-loans.html</a>
New Relief Program for SBA EIDL Borrowers Who are Having Difficulty Repaying EIDL Loans " Hardship Accommodation Plan"
<a href="https://shenwick.blogspot.com/2023/05/new-relief-program-for-sba-eidl.html">https://shenwick.blogspot.com/2023/05/new-relief-program-for-sba-eidl.html</a>
</span><span style="font-family: "Times New Roman", serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; vertical-align: baseline; white-space-collapse: preserve;">
</span></p></span>James Shenwickhttp://www.blogger.com/profile/02475775146092151913noreply@blogger.com0tag:blogger.com,1999:blog-34578795.post-6554875242435550592023-12-12T16:02:00.005-05:002023-12-12T16:02:55.745-05:00We Can’t Stop Writing Paper Checks. Thieves Love That<p><span style="font-size: large;"> Be careful when write checks to pay bills due to fraud! See the New York Times article at <a href="https://www.nytimes.com/2023/12/09/business/check-fraud.html?smid=nytcore-android-share " target="_blank">https://www.nytimes.com/2023/12/09/business/check-fraud.html?smid=nytcore-android-share </a></span></p><p><span style="font-size: large;">Jim Shenwick, Esq 917 363 3391 jshenwick@gmail.com </span></p><p><span style="font-size: large;">Please click the link to schedule a telephone call with me.</span></p><p><a href=" https://calendly.com/james-shenwick/15min" target="_blank"><span style="font-size: large;"> https://calendly.com/james-shenwick/15min</span></a></p><p><span style="font-size: large;">We held individuals & businesses with too much debt!</span></p>James Shenwickhttp://www.blogger.com/profile/02475775146092151913noreply@blogger.com0tag:blogger.com,1999:blog-34578795.post-40236512727014509952023-12-07T12:43:00.001-05:002023-12-07T12:43:10.645-05:00What is the means test in bankruptcy?<p><span style="background-color: white;"><span style="color: #111111; font-family: LabGrotesque, Helvetica, Arial, sans-serif; font-size: large;">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.</span></span></p><p><span style="background-color: white;"><span style="color: #111111; font-family: LabGrotesque, Helvetica, Arial, sans-serif; font-size: large;"><a href=" https://www.businessinsider.com/personal-finance/what-is-bankruptcy-means-test" target="_blank"> https://www.businessinsider.com/personal-finance/what-is-bankruptcy-means-test</a></span></span></p><p><span style="background-color: white;"><span style="color: #111111; font-family: LabGrotesque, Helvetica, Arial, sans-serif; font-size: large;"><br /></span></span></p><p><span style="background-color: white;"><span style="color: #111111; font-family: LabGrotesque, Helvetica, Arial, sans-serif; font-size: large;">In our experience, having filed approximately 1,000 Bankruptcy Petitions for individuals and businesses, the Median Income and Means Test is especially important for higher income Debtors. </span></span></p><p><span style="background-color: white;"><span style="color: #111111; font-family: LabGrotesque, Helvetica, Arial, sans-serif; font-size: large;">Individuals with questions about the Median Income or Means Test should contact Jim Shenwick, Esq</span></span></p><p><span style="background-color: white;"><span style="color: #111111; font-family: LabGrotesque, Helvetica, Arial, sans-serif; font-size: large;">Jim Shenwick, Esq 917 363 3391 jshenwick@gmail.com</span></span></p><p><span style="background-color: white;"><span style="color: #111111; font-family: LabGrotesque, Helvetica, Arial, sans-serif; font-size: large;">Please click the link to schedule a telephone call with me.</span></span></p><p><span style="background-color: white;"><span style="color: #111111; font-family: LabGrotesque, Helvetica, Arial, sans-serif; font-size: large;"><a href="https://calendly.com/james-shenwick/15min">https://calendly.com/james-shenwick/15min</a></span></span></p><p><span style="background-color: white;"><span style="color: #111111; font-family: LabGrotesque, Helvetica, Arial, sans-serif; font-size: large;"><br /></span></span></p><p><span style="background-color: white;"><span style="color: #111111; font-family: LabGrotesque, Helvetica, Arial, sans-serif; font-size: large;">We held individuals & businesses with too much debt!</span></span></p><p><span style="background-color: white; color: #111111; font-family: LabGrotesque, Helvetica, Arial, sans-serif;"><span style="font-size: large;"><br /></span></span></p><p><span style="background-color: white; color: #111111; font-family: LabGrotesque, Helvetica, Arial, sans-serif;"><span style="font-size: large;"><br /></span></span></p><p><span style="background-color: white; color: #111111; font-family: LabGrotesque, Helvetica, Arial, sans-serif;"><span style="font-size: large;"><br /></span></span></p><p><span style="background-color: white; color: #111111; font-family: LabGrotesque, Helvetica, Arial, sans-serif;"><span style="font-size: large;"><br /></span></span></p><p><span style="background-color: white; color: #111111; font-family: LabGrotesque, Helvetica, Arial, sans-serif;"><span style="font-size: large;"><br /></span></span></p><p><span style="background-color: white; color: #111111; font-family: LabGrotesque, Helvetica, Arial, sans-serif;"><span style="font-size: large;"><br /></span></span></p><p><span style="background-color: white; color: #111111; font-family: LabGrotesque, Helvetica, Arial, sans-serif;"><span style="font-size: large;"><br /></span></span></p><p><span style="background-color: white; color: #111111; font-family: LabGrotesque, Helvetica, Arial, sans-serif;"><span style="font-size: large;"><br /></span></span></p><p><span style="background-color: white; color: #111111; font-family: LabGrotesque, Helvetica, Arial, sans-serif;"><span style="font-size: large;"><br /></span></span></p><p><span style="background-color: white; color: #111111; font-family: LabGrotesque, Helvetica, Arial, sans-serif;"><span style="font-size: large;"><br /></span></span></p><p><span style="background-color: white; color: #111111; font-family: LabGrotesque, Helvetica, Arial, sans-serif;"><span style="font-size: large;"><br /></span></span></p><p><span style="background-color: white; color: #111111; font-family: LabGrotesque, Helvetica, Arial, sans-serif;"><span style="font-size: large;"><br /></span></span></p><p><br /></p>James Shenwickhttp://www.blogger.com/profile/02475775146092151913noreply@blogger.com0tag:blogger.com,1999:blog-34578795.post-48666687017604509712023-12-06T12:27:00.006-05:002023-12-06T12:27:47.991-05:00Fraud Investigations into COVID-Era PPP and EIDL Loans Increasing<p> 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. <a href="https://www.jdsupra.com/legalnews/fraud-investigations-into-covid-era-ppp-3571111/">https://www.jdsupra.com/legalnews/fraud-investigations-into-covid-era-ppp-3571111/</a></p><div>Based on telephone calls to our law offices, we believe that that statement is correct. Clients who are contacted by the Department of Justice regarding PPP or EIDL fraud should contact and retain experienced criminal counsel as soon as possible.</div><div><br /></div><div>We at Shenwick & Associates are only representing clients with Defaulted SBA loans. </div><div><br /></div><div><br /></div><div><div>Jim Shenwick, Esq 917 363 3391 jshenwick@gmail.com </div><div>Please click the link to schedule a telephone call with me.</div><div><a href="https://calendly.com/james-shenwick/15min">https://calendly.com/james-shenwick/15min</a></div><div>We held individuals & businesses with too much debt!</div></div>James Shenwickhttp://www.blogger.com/profile/02475775146092151913noreply@blogger.com0tag:blogger.com,1999:blog-34578795.post-41440491831330149042023-12-04T18:10:00.005-05:002023-12-04T18:10:34.885-05:00Some who took out parent PLUS loans to send their kids to college expect to die with debt<p><span style="color: #303030; font-family: "Unify Sans", "Helvetica Neue", "Arial Nova", Helvetica, Arial, sans-serif;"><span style="font-size: large;">Som</span></span><span style="color: #303030; font-family: "Unify Sans", "Helvetica Neue", "Arial Nova", Helvetica, Arial, sans-serif; font-size: large;">e who took out parent PLUS loans to send their kids to college expect to die with debt.</span></p><p>USA Today has an article about Parent Plus Loans and parents who took them out.</p><p>The article can be found at https://www.usatoday.com/story/news/education/2023/12/03/parents-struggle-student-loan-debt/71680559007/</p><p><br /></p><p>Jim Shenwick, Esq 917 363 3391 jshenwick@gmail.com </p><p>Please click the link to schedule a telephone call with me.</p><p><a href=" https://calendly.com/james-shenwick/15min" target="_blank"> https://calendly.com/james-shenwick/15min</a></p><p>We held individuals & businesses with too much debt!</p><div><br /></div>James Shenwickhttp://www.blogger.com/profile/02475775146092151913noreply@blogger.com0