Remember during the pandemic when we were huddled at home uncertain about the future, the economy and when we could go back to work? The Small Business Administration stepped in and offered dirt cheap loans for 30 years. It seemed too good to pass up for many. It was nearly free money that wasn't going to be a burden to pay back.

When we are looking for the bright side of things, we don't always notice how that might turn on us or how obligated we will become.

Within the papers signed, you authorized the SBA to file a blanket lien — on all of your business assets, all of your equipment and other personal property of your business. That means when you sell any asset, they want to be notified, just like your bank and the line of credit. It doesn't matter if you used the funding, or it was used for the asset you are wanting to sell now.

It would have been awesome if they had provided information on what steps you would need to take, who to contact and how much time it would take to get a response, when you want to sell something. Then again, they might have, but in the honeymoon moment of getting the funding, it wasn't important.

The problem now is people are afraid of contacting the government. It feels like if asking for a release on one piece, they might take your business. Many sell their assets under their personal name instead of the business name, so the lien is not uncovered. That is fraud. If you purchased under the business name, you must sell under the business name.

There are three offices for the SBA — El Paso, Texas; Birmingham Ala.; and Santa Ana, Calif. If you do an internet search for the office you used, you will find the document you need to fill out and send back along with a compete UCC search. That's right, it's just one page. There will be an email address on the form to send the document and the UCC search. It isn't that hard.

Still intimidated? We can help. You still need to fill out the form and an authorization for Ground Clearance to contact the creditor to request a release for the specific asset(s). It will cost $50.00 plus the liens search. Cheaper than the potential price you will pay for defrauding the government.

If you did not use the funding, you can request the lien be terminated.

The lien follows the machine. Request proof of ownership when purchasing. This can be the bill of sale from the purchase or insurance on the unit. Request a UCC search for both business and personal names.

For more information, visit groundclearancellc.com.

(Sue McKee-Neill is CEO of Ground Clearance LLC. )

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