Understanding SBA Loans

SBA provides a number of loan resources for small businesses to utilize when operating their business. For more information on loans or how to connect with a lender, visit: https://www.sba.gov/funding-programs/loans.

o  7(a) program offers loan amounts up to $5,000,000 and is an all-inclusive loan program deployed by lending partners for eligible small businesses within the U.S. States and its territories. The uses of proceeds include: working capital; expansion/renovation; new construction; purchase of land or buildings; purchase of equipment, fixtures; lease-hold improvements; refinancing debt for compelling reasons; seasonal line of credit; inventory; or starting a business.

o  Express loan program provides loans up to $350,000 for no more than 7 years with an option to revolve. There is a turnaround time of 36 hours for approval or denial of a completed application. The uses of proceeds are the same as the standard 7(a) loan.

o  Community Advantage loan pilot program allows mission-based lenders to assist small businesses in underserved markets with a maximum loan size of $250,000. The uses of proceeds are the same as the standard 7(a) loan.

o  504 loan program is designed to foster economic development and job creation and/or retention. The eligible use of proceeds is limited to the acquisition or eligible refinance of fixed assets.

o  Microloan program involves making loans through nonprofit lending organizations to underserved markets. Authorized use of loan proceeds includes working capital, supplies, machinery & equipment, and fixtures (does not include real estate). The maximum loan amount is $50,000 with the average loan size of $14,000.

If your Business requires Financial Assistance from the SBA, or you are interested in Protecting Assets from the IRS and other Creditors, call (212) 974-3435 or email Attorney Dorin directly at Bdorin@truetaxhelp. For additional SBA information, please visit our Financial Assistance page. 

At Selig & Associates, we specialize in unpaid Income, Sales and Payroll taxes. Practicing before the Internal Revenue Service and New York State Department of Taxation and Finance. We negotiate excellent Payment Plans, Garnishment and Levy Release, Offers in Compromise, and most other tax matters. 

Selig & Associates also represents Construction Companies with commercial insurance issues. Insurance representation includes NYSIF Premium Assessments, Workers Compensation and Liability Audits. We specialize in Employee Misclassification, Unreported Income, Application Fraud, Experience Rating and other W/C violations. 

Consult with an experienced Federal Tax Practitioner, CPCU and Attorney today. Call Selig & Associates directly at (212) 974-3435 or contact us Online.

New York State is Cracking Down on Tax Evaders and Welfare Cheats

District Attorneys in 29 Counties Awarded Grant Funding Through the State's "Crimes Against Revenue Program"

Governor Andrew M. Cuomo today announced more than $13.5 million in grants has been awarded to 29 district attorneys' offices statewide to continue the enhancement of their investigation of state tax evasion and welfare fraud cases. The grants are made available through the state's Crimes Against Revenue Program, which is supported by proceeds from investigations and subsequent prosecutions that result in tax revenues, fines and restitution being paid to the state.

"New York State has zero tolerance for theft of any kind from hardworking men and women and we will continue to do everything in our power to crack down on those who cheat the system," Governor Cuomo said. "This funding will assist prosecutors across the state protect New Yorkers and hold responsible individuals accountable."

CARP, a joint initiative of the State Department of Taxation and Finance and the Division of Criminal Justice Services, targets individuals who deliberately fail to pay tax obligations, as well as those who commit Medicaid, welfare, unemployment and workers' compensation fraud. The Department of Tax and Finance serves as the program expert by providing technical assistance and helping to identify cases for investigation while the Division of Criminal Justice Services administers the grant funding.

The grants fund personnel, including forensic accountants, investigators and assistant district attorneys, who work to build cases for prosecution. CARP investigations focus on the failure to pay any type of taxes, such as excise, sales, and income, by individuals, corporations or industries which can include complex financial fraud and tax evasion schemes orchestrated by major criminal enterprises.

Division of Criminal Justice Services Executive Deputy Commissioner Michael C. Green said, "Since it was established in 2004, CARP has continued to provide district attorneys across the state with the funding necessary to help them investigate and prosecute these often complex and specialized cases. We are proud to be a part of these collaborative efforts to identify and prosecute these individuals who are looking to cheat the system and honest taxpayers of New York State."

Department of Taxation and Finance Acting Commissioner Nonie Manion said, "CARP puts more muscle into our criminal investigations, helping us strengthen the productive partnerships we've built with local law enforcement organizations. It's an important element in the agency's vigilant and continuous effort to bring tax cheats to justice."

The 29 county district attorneys' offices receiving grants announced today have been funded through the Crimes Against Revenue Program since 2016. While only those offices were eligible to apply for funding, they were not guaranteed the same amount they had previously received. The grants align with the calendar year ending in December 2019 with optional renewals for up to two additional years.

New York City 

·      Bronx: $692,300

·      Kings (Brooklyn): $802,600

·      New York (Manhattan): $5,000,000

·      Queens: $1,491,400

·      Richmond (Staten Island): $256,210

Long Island

·      Nassau County: $633,399

·      Suffolk: $1,605,500

Mid-Hudson

·      Orange: $112,810

·      Rockland: $357,600

·      Ulster: $143,600

·      Westchester: $278,100

Capital Region

·      Albany: $299,710

·      Rensselaer: $102,800

·      Saratoga $118,900

·      Schenectady: $130,000

·      Warren: $59,600

·      Washington: $36,200

Mohawk Valley

·      Montgomery: $28,600

·      Oneida: $160,878

Central New York

·      Cayuga: $80,000

·      Madison: $67,000

·      Onondaga: $111,110

Southern Tier

·      Chemung: $64,170

·      Steuben: $40,400

Finger Lakes

·      Ontario: $92,100

·      Monroe: $208,000

Western New York

·      Chautauqua: $65,000

·      Erie: $414,100

·      Niagara: $68,810

The New York State Division of Criminal Justice Services (www.criminaljustice.ny.gov) has a variety of responsibilities, including law enforcement training; collection and analysis of statewide crime data; maintenance of criminal history information and fingerprint files; administrative oversight of the state's DNA databank, in partnership with the New York State Police; funding and oversight of probation and community correction programs; administration of federal and state criminal justice funds; support of criminal justice-related agencies across the state; and administration of the state's Sex Offender Registry.

The New York State Department of Taxation and Finance (www.tax.ny.gov) annually processes 25 million tax returns and collects more than $90 billion in annual state and local revenue.

Are You in Trouble with the IRS and State? To schedule a free, legally privileged consultation with a Federal Tax Practitioner and Attorney in our conveniently located New York City office, call (212) 974-3435 or contact us online. *Same day and emergency appointments are available Monday through Friday. 

✔  Unpaid income, sales and payroll taxes. 

✔  We negotiate excellent re-payment plans with the IRS and State.

✔  Missing tax returns prepared and filed within 48 hours, guaranteed. 

✔  Suspended passport / suspended drivers’ license.

✔  Civil and criminal tax representation. 

✔  Income and sales tax audit. 

✔  Department of Labor.

✔  Workers Compensation.

Does Your Business Need Money For Taxes and Expenses? Our affiliates provide excellent insurance and debt settlement options, including business and insurance financing, merchant funding, lines of credit and factoring. Call (212) 974-3435 for a free consultation.  

Can’t Re-Pay Your MCA? – Then Call Me Today (212) 974-3435

Can’t re-pay your MCA? Give me a call today (212) 974-3435. 

We may be able to settle your Merchant Cash Advance for less 

and get you new financing to re-pay your debt. 

Call (212) 974-3435 for a Free Legally Privileged Tax Consultation. Same day and emergency appointments. Meet personally with a Federal Tax Practitioner and Attorney in our New York City office.  

✔ Missing tax returns prepared and filed within 48 hours, guaranteed. 

✔ We negotiate excellent re-payment plans with the IRS and State. Offers in compromise, audits, bank levies and wage garnishments. Suspended passports, suspended drivers licenses and most other tax matters. Debt settlement, including business financing, merchant funding, lines of credit and factoring.  

Money Money Money

In a nutshell, a Merchant Cash Advance is financing based upon your businesses future credit card receivables. Merchant financing is repaid on a daily basis as a percentage of your credit card sales. Accordingly, if your credit card sales are high, your advance is repaid quickly. Conversely, if your credit card sales are low, your repayment is low. Use the money to:

• Buy Inventory 
• Pay Sales Taxes
• Buy Equipment 
• Advertising 
• Short-term capital
• And much, much more. 

Easy Financing

Borrow up to 250% of your monthly credit card sales volume in one lump sum. Use the money to pay your taxes or buy inventory. 

Fast Approval

Apply online or over the phone in minutes, get approved in 24 hours and receive funds one day later.

Flexible Re-Payment Schedule

Payments are based on a percentage of daily credit card sales. Easy-peasy.  

Getting Started

To get started, you’ll need to provide us with four things:

1. A copy of your Government-issued photo ID
2. A voided check from your business checking account
3. The last four statements from your business bank account
4. The last four credit card-processing statements

For more information, call David Selig at (212) 974-3435