SBA loans at Treasury do not expire. Administrative wage garnishment (up to 15% of disposable pay) and the Treasury Offset Program can continue until the balance is resolved. This deck explains why and the rights borrowers can use to respond.
To learn more, visit: https://www.nontaxdebthelp.com
SBA & Federal Debt Advisory Services City: Hutto Address: 143 Exchange Blvd - Suite 300-41 Website: https://www.nontaxdebthelp.com
SBA Loans: No Statute of Limitations on Treasury
Collections What it means and how to respond
Treasury collections do not expire. Once an SBA loan is
at the Bureau of the Fiscal Service, collection continues
until the balance is resolved.
Administrative Wage
Garnishment (AWG): up to 15% of
disposable pay Treasury Offset
Program (TOP): takes federal tax
refunds and a portion of certain
Social Security benefits.
Federal rules allow collection without a time limit: 31 U.S.C. 3716(e)(1) (“no limitation on the
period within which an offset may be initiated or taken”)
Notice of Intent to Initiate Wage Garnishment Right
to request a hearing (existence, amount, hardship)
Treasury Offset Program (TOP) can take the full federal
tax refund up to the amount owed TOP can take a
portion of Title II Social Security Offsets continue during
an AWG hearing
Payment arrangement made during the notice period may prevent AWG from starting Compromise
review may be considered based on complete financial disclosure (approval not guaranteed)
https://www.nontaxdebthelp.com/
SBA & Federal Debt Advisory Services Help with proof of debt requests,
disputes, hearing prep, payment arrangements, and compromise
packages Visit: https://www.nontaxdebthelp.com
Collections What it means and how to respond
Treasury collections do not expire. Once an SBA loan is
at the Bureau of the Fiscal Service, collection continues
until the balance is resolved.
Administrative Wage
Garnishment (AWG): up to 15% of
disposable pay Treasury Offset
Program (TOP): takes federal tax
refunds and a portion of certain
Social Security benefits.
Federal rules allow collection without a time limit: 31 U.S.C. 3716(e)(1) (“no limitation on the
period within which an offset may be initiated or taken”)
Notice of Intent to Initiate Wage Garnishment Right
to request a hearing (existence, amount, hardship)
Treasury Offset Program (TOP) can take the full federal
tax refund up to the amount owed TOP can take a
portion of Title II Social Security Offsets continue during
an AWG hearing
Payment arrangement made during the notice period may prevent AWG from starting Compromise
review may be considered based on complete financial disclosure (approval not guaranteed)
https://www.nontaxdebthelp.com/
SBA & Federal Debt Advisory Services Help with proof of debt requests,
disputes, hearing prep, payment arrangements, and compromise
packages Visit: https://www.nontaxdebthelp.com