📺 Can I get an SBA Loan with Tax Liabilities?
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- An SBA loan can only be approved if the applicant has an active IRS payment plan for any owed taxes.
- Payment plans with the IRS can be set up online via IRS Payment Agreement Tool or by phone.
- FastwaySBA provides assistance in securing SBA loans despite tax challenges.
- The IRS does not allow payment plans once tax liens or judgments are in place.
FastWaySBA works with many different SBA Lenders, we have the ability to approve SBA loans even if the owners owe taxes.
MYTH BUSTED
A Common misconception is that a Small Business will NOT be approved for SBA financing if there are taxes owed to the IRS. This is false.
A Common misconception is that a Small Business will NOT be approved for SBA financing if there are taxes owed to the IRS. This is false.
Generally if there is any money owed to the Federal government, an SBA lending Bank will not issue any credit to a business. Because FastWaySBA works with many different SBA Lenders, We have programs that approve SBA loans even if the owners owe taxes.
An SBA loan can be funded to a business if the applicant owes taxes ONLY if there is an established payment plan with the IRS in place.
| Alex McAloon, CEO of FastWay SBA, answers one of the most frequently asked questions - "Can I get an SBA Loan with Tax Liabilities?
If there are tax liabilities (personal or business related) that have remained unpaid for an extended period of time, there may be liens or judgements in place. If this is the case, the availability to enter a payment plan is not offered by the IRS. Therefore, any tax liens and judgements would result in an automatic decline for SBA loan approval.
Payment plans can be set-up online or by calling into the IRS.
For assistance with getting approved for an SBA loan or to explore unique options for the business, apply here.
🚀 SMB Secures $140K SBA Loan Despite $31K Tax Debt – Here’s How Fastway SBA Made It Happen!
In the summer of 2023, a New Jersey-based restaurant owner was facing a major roadblock. Despite having a pre-approval for a $140,000 SBA loan, their unfiled 2022 personal taxes and subsequent tax liabilities (totaling over $31,000) put the funding on hold.
💡 Here’s how Fastway SBA stepped in to save the day:
- ✔️ Guided the Owner Through Tax Resolution: Fastway SBA helped the owner file their overdue 2022 taxes and 2023 returns, revealing the $31,000 liability.
- ✔️ Arranged an IRS Payment Plan: Since the owner couldn’t pay the full amount upfront, Fastway SBA worked with them to set up a manageable IRS payment plan.
- ✔️ Secured the Loan Approval: With the payment plan in place and an initial payment made, the SBA loan was back on track.
🎉 The Result? A $140,000 SBA Loan Funded & Tax Debt Under Control!
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