📧 from Maria Rascon
Hi Logan,
I will work with you on your settlement review. Since this is an SBA account, we also need concurrence from the SBA on the settlement decision. Therefore, all documents received will be reviewed and submitted to the SBA by Chase on your behalf. When we receive the results of the SBA review, we will communicate to you the results and, if approved, the deadline for the lump sum payment. It is also possible that the SBA will require additional information before rendering a decision. The $2,000 payment I indicated in the previous email will need to be paid today to allow time to go through the settlement review process. Please keep in mind, the $2,000 is to advance the due dates for February and March payments owed to lower delinquency and will not be considered part of the Settlement offer amount.
The expectation is that you continue to make the required monthly payments while your settlement request is being considered. You may also want to consider the possibility that you will need to increase your settlement offer in the event the SBA will not approve your initial request. You could look into outside financing, borrowing from friends/family, etc.
In the event a settlement agreement is not reached, it is important that you have an alternate plan for resolution. We require the same financial documents for modification consideration. If you’d like, we can proceed with a dual path review (both modification and settlement) simultaneously. Please let me know immediately if you are also interested in a modification review so I know how I should proceed when your documents are submitted.
Before you start gathering financials, the SBA requires that I inform you of the following information relating to your settlement request: Acceptance of a compromise offer is considered a loss to the federal government, which may adversely impact the obligor’s ability to obtain future financing from the federal government, including another SBA loan. In addition, acceptance of a compromise offer could have tax consequences that the obligor may want to consider.
As required by the SBA, please see the 5 forms attached to this email that must all be completed, signed, dated, and returned along with the list of financial information outlined below. Once you have compiled the financials and completed the attached forms, clearly label each and attach as a separate document. Send all attachments to me in one email by 9/19/25.
Please understand that both the PFS and the Debt Schedule must have a wet signature and be dated (no electronic signatures can be accepted).
For the attached document named Debt Schedule for cash flow analysis: If there is no other “non-Chase” business debt, please indicate that information on the document.
As stated above, please separate and clearly name your documents individually so that we can expedite the process for you (IE: “2023 business tax return”, “Sept 2025 Pay stubs”).
Please do not combine multiple financial documents in 1 attachment - This will delay the process as we will need to have you separate the documents and resubmit.
Financial documents required in addition to the attached files:
Business
2023 & 2024 business tax returns with all the schedules (or the 2022 & 2023 tax return plus proof of ext. for the 2024 tax return).
2024 End of Year and Year to Date Balance Sheet. (the 2024 End of Year Balance Sheet should already be included in the 2024 tax return but will need to be sent independently if the 2024 business tax return hasn’t been filed yet)
2024 End of Year and Year to Date Profit and Loss statement (Income Statement). (the 2024 End of Year Profit & Loss Statement should already be included in the 2024 tax return but will need to be sent independently if the 2024 business tax return hasn’t been filed yet)
2 months of recent bank statements, investment statements or other documentation that evidences liquidity.
Business Debt Schedule. [Please indicate all other debts the business has on the attached form (i.e. loans, lines of credit, credit cards)]
Personal
2023 & 2024 personal tax returns with all schedules (or the 2022 & 2023 tax return plus proof of ext. for the 2024 tax return).
2024 W-2’s and 1099’s
2 months of current paystubs or a copy of your SSI Award letter (If you have not collected a paycheck from your business or are not officially on the payroll, please add 6 months of your most recent personal bank statements)
Completed Chase Personal Financial Statement (attached).
2 months recent bank statements, investment statements and other documentation that evidences liquidity.
Current housing/rent statement.
A settlement proposal letter outlining the following information. Please be as concise and thorough as possible. The more detail you include to describe your hardship situation and financial inability to pay the balance in full, the better.
Full account number.
Name of business.
Reason for settlement request.
Settlement offer amount.
Source of funds.
Earliest date funds can be paid - not to exceed 30 days from date of settlement approval.
Must be signed and dated by debtor.
If you have any questions, please feel free to contact me. If you are unable to provide any of the documents listed above, please write a separate statement with an explanation as to why are you are unable to include them. **Please make sure all relevant forms are signed and dated where indicated.**
