All, My client was a 20% owner of a company that has a SBA Guaranteed Loan outstanding and accordingly, he was required to give a personal guaranty of the loan. My client sold his interest in the business back to the other owner, and my client no longer has anything to do with the company. He would like to be released from the guaranty as it is impacting on his ability to obtain loans for an entirely separate business. As I read S.O.P. Number: SOP 50 57 of the SBA rules, he may be released under these circumstances if certain conditions are satisfied (which I believe have been met). If anyone in this helpful group has experience with these types of matters, I would appreciate a few moments of your time to see if you concur with my conclusions and whether you have any helpful tips on how to proceed. Thank you very much in advance. Best, Andy [signature_2089582163] Andrew S. Bogen, Esq. 179 Hampton Road Southampton, New York 11968 (646) 869-4307 (office) / (917) 514-0178 (mobile) Andrew@AndrewBogenLaw.Com<mailto:Andrew@AndrewBogenLaw.Com> https://www.andrewbogenlaw.com/ U.S. Treasury Circular 230 Notice Any U.S. federal tax advice included in this communication (including any attachments) was not intended or written to be used, and cannot be used, for the purpose of (i) avoiding U.S. federal tax-related penalties or (ii) promoting, marketing or recommending to another party any tax-related matter addressed herein. _____________________________ This communication may contain information that is legally privileged, confidential or exempt from disclosure. If you are not the intended recipient, please note that any dissemination, distribution, or copying of this communication is strictly prohibited. Anyone who receives this message in error should notify the sender immediately by telephone or by return e-mail and delete it from his or her computer.
