Borrowers who have received loans from the FEDA are afraid of seemingly heavy provisions… [I]t] on them. Sutton says the abandonment of the personal guarantee for loans under $200,000 should be reflected in the contract. “If the government were at the top, they would change the document,” Sutton says. It recommends that borrowers add their own type of endorsement, which states that since the loan is less than $200,000, there is no personal guarantee. (Caveat: This does not seem possible to do with the platform that the SBA uses.) “I have received your request and asked for clarification on certain conditions of the authorization and the credit agreement. It is important to note, when reading the agreement, that the conditions apply only to the borrower identified in this specific agreement as [the name of the company] and not as an officer`s name. The note, the terms of the guarantee agreement and the credit authorization agreement must be read in relation to the company or organization that recognizes and accepts the terms, not on the terms and not for individuals for loans under $200,000. Anyone who misuses the proceeds of an SBA disaster loan is civilly liable for the administrator`s civil liability, up to one and a half times the original principal amount of the loan below 15 U.S. C 636 (b). In addition, any misrepresentation or misrepresentation of SBA may result in criminal, civil or administrative penalties, including, but not limited to: 1) fines, imprisonment or both, below 15 United States.
C 645, 18 U.S.C 1001, 18 U.S.C 1014, 18 U.S.C 1040, 18 U.S.C 3571 and all other applicable laws; 2) three civil damages and penalties under the False Claims Act, 31 U.S.C 3729; 3) double damage and civil penalties under the Fraud Civil Remedies Act, 31 U.S.C 3802; and 4) the suspension and/or blocking of all purchase and non-purchase transactions of the federal government. Legal fines can be increased if they are amended by the 2015 Federal Inflation Adjustment Adjustment Act. “In the case of a loan of more than $25,000, the borrower grants the SBA, the insured party, a persistent security interest for and for all collateral, as noted above, to ensure the payment and performance of all debts, debts and obligations of the borrower to SB, without limitation, including, but not limited to all interest, other fees and expenses (all the following commitments referred to as “bonds”). The guarantee includes the following assets that the borrower holds or must acquire or acquire immediately after the acquisition or creation of the borrower: all tangible and intangible assets, including, but not limited, to: a) inventory, b) equipment, c) instruments; including debt securities (d) discussion paper, including chat paper and electronic electronic paper, (e) documents, (f) accrediting accounts, (g) accounts, including health insurance and credit card receivables, (h) deposit accounts, (i) commercial receivables, (j) general intangible assets, including payments and software, and (k) security extracted, since these conditions can be defined from time to time in the code of trade.