So you’ve received a negative response from the SBA on your loan review, what happens next?
Appeal Submission Deadline
You have thirty days from either receiving the SBA Loan Review Decision or notification from your lender of the negative review to file your appeal.
What Does An Appeal Include?
Your appeal petition should have:
1 – The basis for the Office of Hearings and Appeals (OHA) jurisdiction and proof that you are filing timely.
2 – A copy of the SBA loan review decision
3 – A statement telling them what you are trying to accomplish
4 – A statement telling them why you think the loan review was wrong
5 – Signed copies of the relevant payroll tax returns
6 – Signed copies of the relevant income tax returns
7 – You or your representative’s contact information
Where should you send the appeal?
Address it to:
Associate General Counsel for Litigation, U.S. Small Business Administration
409 Third Street SW
Washington, DC 20416
What should you expect to happen?
The OHA will assign the case to a judge, who will issue a decision within 45 days. You may at that point file a request for reconsideration within 10 days after the initial decision. At that point, the judge has 20 days to reconsider.
Please let us know if you need help with your PPP Loans.
Let me leave you with this.
I heard from one of my catering clients that she was just approved for a $1M grant from the Restaurant Revitalization Fund. Just because you don’t need to wear a mask in public doesn’t mean that we aren’t out of this yet.
The PPP Loan money is gone for all intents and purposes, but those loans still need to be forgiven. Many of you are telling me that the banks are being difficult in this regard.
The EIDL Grants are still open with plenty of money left, but this is proving to be difficult. Your documentation must be perfect.
The EIDL Loan has been expanded to $500K, but just like the grant, they aren’t making it easy to get this money. Your paperwork must be flawless.
The Employee Retention Credit money is in full swing. I keep having conversations with clients who can’t believe their eyes when these checks come in. These aren’t easy either, but we’re getting them done.
I’ve spoken to a couple of you who originally had your payroll service file these, just so that they could be denied. Payroll services generally employ people who don’t know accounting, relying on machines to do the work for them. That sort of approach doesn’t work on this.
Please let us know if we can help you on any of these items.
We’re all going to get through this. Let’s get through it together.
Accounting Solutions ltd. stands ready to complete our mission and purpose of protecting you, your family, and your business. If there is anything you need, whether you are a current client or not, you have but to ask. I’m here and I remain,
Accounting Solutions Ltd.
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