We actually got a call concerning this today. In this instance, the business enterprise ceased operations years back. It had no assets or income. I inquired the caller if he planned to ever utilize that entity once more. He failed to. So for the reason that situation, we don’t see any reason to accomplish any such thing.
But let’s clarify one thing right right here. The letter ended up being addressed towards the business. Then if it were me, I’d do nothing if there is no personal liability.
Why would i actually do nothing?
In the event that company does not have any earnings or assets, and it is likely to never ever operate once again, the SBA does not have any recourse right here.
I want to say it once again: that is just applicable to circumstances whenever just https://speedyloan.net/installment-loans-in the company is liable. In the event that you got a letter addressed to you personally, you will need to deal with is ASAP. If you disregard the 60-day page addressed to you personally, it’ll head to Treasury!. We vow, you don’t wish that.
Will the SBA accept a repayment arrange for an Offer In Compromise?
They are going to think about monthly premiums, but as SBA Form 1150 states, they choose a lump sum payment.
Customers often need to know under what circumstances the financial institution and SBA will look at a re payment plan. (more…)