Tag Archives: Business Bankruptcy Options
Tampa Businesses Struggling with EIDL Loans: How Chapter 7 Bankruptcy Can Prevent Treasury Collections
TAMPA, FL — As pandemic-era relief programs wind down, many small businesses in Tampa find themselves in a financial bind. One major source of distress: Economic Injury Disaster Loans (EIDLs). These federal loans, issued by the U.S. Small Business Administration (SBA), provided vital funding during COVID-19 shutdowns — but now, thousands of Tampa… Read More »
SBA Loan Interest Rates and Small Business Bankruptcy: A Challenge for Tampa Entrepreneurs
Understanding SBA Loans in Tampa Small Business Administration (SBA) loans are a lifeline for many small business owners in Tampa. They provide essential funding needed to start, sustain, or expand a business. However, when SBA loan interest rates increase, it can throw a wrench into the plans of local entrepreneurs. Imagine trying to keep… Read More »
Chapter 11 Bankruptcy And PPP Loans, SBA Loans
The SBA has begun pursuing collections against small businesses for the EIDL loans that were not forgiven. In the Tampa Bay area, we are seeing a lot of businesses having to appeal decisions made by the SBA regarding their forgiveness applications. Fortunately there are legal options. Businesses throughout the Tampa Bay area that have… Read More »
Chapter 11 And SBA Loan Cram Downs
Any business in the Tampa Bay area that received an SBA loan and has since filed for Chapter 11 bankruptcy may be concerned about creditor objections to the treatment of SBA loans in a reorganization plan, particularly those loans with collateral and personal guarantees. In some situations, it may be possible for business debtors… Read More »
SBA Loans and How Collateral on Real Estate Works in a Bankruptcy
Businesses throughout the Tampa Bay area applied for loans through the U.S. Small Business Administration (SBA) as a result of losses caused by the COVID-19 pandemic. Some types of SBA loans disbursed through the CARES Act, and which may be newly available to business owners in a second round of lending, do not require… Read More »
What Happens When a Business Got SBA Loans and Later Went through Bankruptcy?
In Spring of 2020 and later, many businesses throughout the Tampa Bay area received SBA loans as a form of COVID-19 relief. Those loans included loans through the Economic Injury Disaster Loans (EIDL) program and Paycheck Protection Program (PPP) loans. For some of those businesses, the loans were sufficient to cover the significant losses… Read More »
Personal Guarantees on Commercial Leases When a Business Closes or Files Chapter 7
When a business in the Tampa Bay area is struggling to pay its debts and to keep its doors open, the business owners might be considering the possibility of business bankruptcy or closure. For many businesses, Chapter 11 bankruptcy is the best option because it allows the business to remain open while reorganizing debts… Read More »
In Bankruptcy Because of Seller Fraud in a Purchased Business
All too often we meet clients who moved down to Florida with hopes of being in business for themselves. The story is the same each time. Sadly, a bad business purchase can lead to the loss of life savings, retirement funds, and personal bankruptcy. Meet “Bob” from Michigan. Bob worked in the corporate world… Read More »
Filing Chapter 11 for a Franchised Business
If you own a franchised business or if you are a franchisor in the Tampa Bay area and you are considering Chapter 11 bankruptcy, it is critical to understand that your bankruptcy case will be a bit different from a business bankruptcy for a company that is not a franchise. Most significantly, your bankruptcy… Read More »
The Role of the Trustee in a Chapter 11 Subchapter 5 Small Business Bankruptcy
If your business is struggling to remain afloat, particularly as a result of the COVID-19 pandemic, you may be thinking about your options for a small business bankruptcy. Many restaurants and bars in Tampa Bay have been under immense financial strain, as have other types of retail establishments in the area. If you need… Read More »
