Navigating the SBA Rule Change: Implications for Law Firms with MCA Debt

1. Executive Summary:
   The Small Business Administration (SBA) has announced a significant rule change, effective June 1, 2025, that will prohibit the refinancing of Merchant Cash Advance (MCA) debt through SBA 7(a) loans for new applications.1 This policy shift will have a direct impact on law firms that have existing MCA debt, potentially creating new challenges in managing their capital and financing. Law firms with MCA obligations may face increased difficulty in alleviating the burden of these high-cost advances, which are characterized by short repayment terms and frequent deductions from their revenue streams. This report aims to analyze the implications of this SBA rule change specifically for law firms with MCA debt, explore the risks associated with MCA financing, and provide an overview of alternative financing solutions available to these firms as they navigate this evolving financial landscape. The inability to utilize SBA loans for refinancing necessitates a strategic reassessment of financial options for affected law practices.
2. Understanding the New SBA Rule:
   The core of the new SBA rule, set to take effect on June 1, 2025, is the prohibition of using SBA 7(a) loans to refinance Merchant Cash Advances (MCAs) or factoring debt for any new loan applications submitted on or after this date.1 This restriction applies across several SBA loan programs, including the Standard 7(a) loan, the 7(a) Small loan, SBA Express loans, Export Express loans, and International Trade loans.4 The SBA’s rationale behind this policy change is rooted in an effort to reduce the rate of defaults on SBA loans.1 The agency observed a pattern where businesses would refinance their often expensive MCA debt with SBA loans, receive the remaining loan funds, and subsequently take on new MCA debt. This practice undermined the intended benefit of the SBA loan and contributed to a higher incidence of loan defaults.1 This new rule is part of a broader set of changes implemented by the SBA in 2025, which includes the re-institution of SBA guarantee fees and the implementation of stricter underwriting standards.1 The SBA is generally tightening its lending criteria, moving away from the more flexible “Do What You Do” approach that allowed lenders to apply their own lending practices and reverting to the heightened pre-Biden standards.5 This shift signifies a renewed emphasis on more prudent lending practices and a greater focus on risk management within the SBA loan programs, as the agency aims to operate at a “zero-subsidy” and higher defaults threaten this mandate.8 While this specific rule directly impacts the SBA 7(a) loan program, it also suggests a potential shift in the broader lending environment concerning MCA debt.1 If the SBA, a government-backed entity, perceives MCA refinancing as a high-risk activity, it is plausible that private lenders, including banks, may also adjust their underwriting models and become more hesitant to finance businesses with existing MCA debt.1 Banks will need to alter their underwriting factors when accounting for businesses with MCA debt, potentially leading to more declines in loan applications for these businesses.1
3. The Role and Risks of MCA Financing for Law Firms:
   A Merchant Cash Advance (MCA) is a type of financing that provides a business with an upfront sum of cash in exchange for a portion of its future sales or receivables.9 Unlike a traditional loan, an MCA is technically structured as a sale of future receivables and not as a debt instrument.9 Repayment to the MCA provider is typically made through a percentage of the business’s daily credit card sales or direct withdrawals from its bank account via ACH.9 Key features of MCAs include the absence of a fixed Annual Percentage Rate (APR), with costs instead determined by a factor rate, short repayment terms generally ranging from 3 to 18 months, frequent repayment schedules that often require daily or weekly payments, and a minimal underwriting process that primarily focuses on the business’s revenue rather than its credit score.9 Law firms might turn to MCAs for various reasons, often seeking quick access to capital to address immediate cash flow needs, fund marketing initiatives, or facilitate business expansion.16 This can be particularly appealing for law firms that experience irregular cash flow cycles, especially those working on contingency fee cases or with clients who have extended payment terms, potentially making it challenging to secure traditional bank loans.16 MCAs offer a relatively fast funding process, sometimes providing capital within 24 to 72 hours, which can be attractive when urgent financial needs arise.24 However, the costs associated with MCA financing can be substantial. Effective APRs often range from 60% to 350% or even higher, significantly exceeding the interest rates of conventional loans.9 MCA providers utilize factor rates, typically between 1.1 and 1.5, to calculate the total repayment amount, which can result in a significantly higher cost of capital compared to traditional interest rates.9 Additionally, there may be hidden fees associated with MCAs, such as origination fees or administrative costs, further increasing the overall expense.9 Law firms considering or utilizing MCAs face several inherent risks. The frequent daily or weekly repayment demands can place a significant strain on their cash flow, particularly during slower business periods.9 This constant drain of working capital can make it difficult for firms to manage other operational expenses and invest in growth opportunities.32 There is also a potential for law firms to fall into a debt spiral by taking out additional MCAs to cover existing obligations, leading to a cycle of borrowing with compounding costs and deteriorating financial health.9 Unlike traditional loans, the MCA industry operates with limited regulatory oversight at the federal level.9 This lack of regulation can expose borrowers to potentially predatory lending practices and a lack of standardized disclosure requirements, making it challenging to fully understand the true cost and terms of the advance.9 Furthermore, defaulting on an MCA can have severe consequences, including aggressive collection tactics, forced repayment through confessions of judgment, the seizure of business funds, and the filing of UCC liens against firm assets.9 The legal structure of MCAs as a purchase of future receivables, rather than a loan, often allows them to bypass state usury laws that cap interest rates on traditional financing, contributing to their high costs and associated risks.9 However, the legal characterization of MCAs is increasingly being scrutinized, with some courts recognizing that certain MCA agreements may function as disguised usurious loans.12
4. Impact of the SBA Rule Change on Law Firms with MCA Debt:
   The new SBA rule, effective June 1, 2025, will directly prevent law firms from using SBA 7(a) loans to refinance their existing MCA debt for any new loan applications submitted after this date.1 The SBA has explicitly stated that “Merchant cash advances and factoring agreements are not eligible for refinancing” under the 7(a) loan program.1 This change will significantly increase the difficulty for law firms to manage their often high-cost MCA debt, as they will no longer have access to the potentially lower interest rates and longer repayment terms associated with SBA loans.1 SBA loans typically offer more favorable terms than MCAs, which can provide substantial relief to a business’s cash flow.32 Consequently, law firms with existing MCA obligations will likely experience continued strain on their cash flow as they remain bound by the frequent and potentially substantial daily or weekly repayment schedules of their MCAs.1 The demanding repayment terms of MCAs can create a persistent cash crunch, hindering a law firm’s ability to invest in essential areas such as technology upgrades, marketing, or hiring new staff, and making it more challenging to navigate periods of slower revenue.9 Without the option of SBA refinancing, law firms face an elevated risk of defaulting on their MCA obligations, which can lead to severe financial distress and potential legal action from MCA providers.25 Defaulting on MCA payments can trigger aggressive collection efforts, including forced repayment, the issuance of restraint letters to clients directing payments to the MCA company, and even increase the risk of bankruptcy.25 Furthermore, banks and other traditional lenders may become more hesitant to provide other types of financing to law firms that currently hold MCA debt, perceiving them as higher-risk borrowers.1 The presence of MCA debt on a law firm’s balance sheet might cause banks to adjust their underwriting models, potentially leading to a higher number of loan application rejections for these firms.1 As a result of the SBA rule change, law firms with MCA debt may be compelled to explore less favorable or more complex debt resolution strategies.2 These alternative approaches could include negotiating directly with MCA providers, pursuing debt consolidation options outside of the SBA framework, or seeking legal counsel to explore potential defenses or settlement opportunities.3 This rule change effectively removes a significant financial lifeline for law firms that are struggling with the burden of MCA debt, potentially exacerbating their financial challenges and limiting their capacity for growth and stability.1 SBA refinancing was a widely utilized and often beneficial solution for businesses burdened by high-cost debt like MCAs due to its more attractive terms compared to other financing options. The removal of this option creates a considerable gap in the available resources for law firms seeking to manage their MCA obligations, particularly for those firms that might not meet the eligibility criteria for traditional bank loans. Law firms that were intending to refinance their MCA debt through an SBA loan should prioritize and expedite their application process to ensure submission before the June 1, 2025, deadline.3 However, it is important to note that these applications will still be subject to the SBA’s increasingly stringent underwriting standards.5
5. Alternative Financing Options for Law Firms with MCA Debt:
   Given the upcoming restriction on SBA refinancing of MCA debt, law firms will need to explore alternative financing solutions to manage their capital and address existing MCA obligations. Several options are available, each with its own characteristics and considerations.

• Business Lines of Credit: A business line of credit offers law firms flexible access to working capital, allowing them to borrow funds up to a pre-approved limit.⁹ Interest is typically charged only on the outstanding balance, providing a cost-effective solution for short-term cash flow needs and potentially for consolidating existing MCA debt. However, securing a business line of credit often requires a decent credit score and a solid financial history.²⁴
• Term Loans: Term loans provide law firms with a lump sum of financing that can be utilized for various purposes, including significant investments or refinancing existing debt.⁹ These loans typically feature predictable fixed monthly payments over a set term, offering a stable and manageable repayment structure. Law firms can potentially use term loans to refinance their MCA debt at more favorable interest rates. However, the approval process for term loans may be stricter compared to MCAs, often requiring more extensive documentation and a strong credit profile.²⁴
• Revenue-Based Financing (excluding MCAs): This type of financing allows law firms to repay the borrowed amount as a percentage of their future revenue.⁹ Unlike MCAs, revenue-based financing options outside of the MCA realm may offer more transparent terms and potentially lower overall costs, although they can still be more expensive than traditional loans. The repayment amounts fluctuate with the firm’s revenue, providing flexibility and aligning payments with their cash flow.
• Invoice Factoring (Accounts Receivable Financing): For law firms that issue invoices to clients with payment terms, invoice factoring can be a viable option to improve cash flow.⁹ This involves borrowing against unpaid client invoices, with the factoring company advancing a percentage of the invoice amount. This can be particularly beneficial for law firms that experience long billing cycles, providing immediate access to funds that would otherwise be tied up in outstanding receivables.
• Specialized Law Firm Loans: Certain financial institutions offer loan products specifically tailored to the unique financial needs and challenges of legal practices.¹⁶ These loans often accommodate the irregular cash flow and distinctive billing cycles inherent in the legal industry. They may feature flexible repayment options that allow law firms to repay the loan as they receive payments from their clients, providing a more aligned and sustainable financing solution.
• Debt Consolidation Loans (non-SBA): Law firms burdened with multiple debts, including MCAs, can consider debt consolidation loans from sources other than the SBA.¹⁴ These loans combine several existing debts into a single loan with one monthly payment, potentially simplifying repayment management and, ideally, offering a lower overall interest rate. However, law firms should carefully evaluate the fees and interest rates associated with these consolidation loans to ensure they provide genuine financial benefit.¹⁴
• Negotiation and Debt Settlement: Law firms struggling with MCA debt can proactively engage with their MCA providers to negotiate more favorable repayment terms or explore the possibility of settling the debt for a reduced payoff amount.⁹ Seeking assistance from attorneys or debt relief companies specializing in MCA debt can be particularly beneficial in this process.¹⁰ These professionals possess the expertise to review MCA agreements, identify potentially unfair or predatory terms, and negotiate with MCA providers on behalf of the law firm.¹⁰

The availability of these diverse alternative financing options indicates that while the SBA rule change removes one potential path for managing MCA debt, law firms still have several avenues to explore. It is crucial for law firms to carefully compare the terms, interest rates, fees, and repayment structures associated with each option to determine the most suitable solution for their specific financial circumstances and long-term objectives.¹⁴

6. Navigating the New Landscape: Considerations and Strategies for Law Firms:
   In light of the SBA’s upcoming rule change, law firms with existing MCA debt need to proactively consider their options and develop effective strategies for managing their financial obligations. For law firms that have already initiated the SBA refinance process, it is crucial to take immediate action to expedite their applications and ensure submission before the June 1, 2025, deadline.3 All law firms with MCA debt should begin by thoroughly assessing their current financial situation, carefully evaluating the terms and overall cost of their existing MCA agreements.9 This includes calculating the effective APR and identifying all associated fees to gain a clear understanding of the true burden of the debt. Exploring the possibility of negotiation with current MCA providers is a prudent step.52 Law firms can contact their MCA providers to discuss potential adjustments to repayment schedules, such as transitioning to less frequent payments or seeking a temporary reduction in the daily withdrawal amount. In some instances, particularly when a law firm threatens legal action or demonstrates significant financial hardship, MCA providers may be open to negotiating a settlement for a lower total payoff amount.9 Seeking professional advice from financial advisors who specialize in the legal industry or from attorneys and debt relief companies with specific expertise in MCA debt is highly recommended.10 These professionals can provide invaluable guidance in understanding the available options, navigating the complexities of MCA agreements, and developing a tailored strategy for debt management.52 Law firms should also consider the potential benefits of non-SBA debt consolidation loans.14 By consolidating their MCA debt, along with any other outstanding business debts, into a single loan with potentially more favorable terms, law firms can simplify their repayment process and potentially reduce their overall borrowing costs. It is essential to thoroughly research and compare the terms and conditions of various debt consolidation loans before committing to a specific option. Evaluating alternative financing options beyond debt consolidation is also crucial.9 Law firms should explore business lines of credit, term loans from banks or credit unions, and revenue-based financing (outside of the MCA structure) as potential solutions to either refinance their existing MCA debt or secure additional working capital under more manageable terms.32 Implementing effective cash flow management strategies is paramount for law firms, especially those with MCA obligations.10 This includes proactively negotiating more favorable payment terms with clients, diligently managing firm expenses, and developing accurate financial forecasting to anticipate and address potential cash flow shortfalls. It is strongly advisable for law firms to avoid the practice of “stacking” MCAs, which involves taking out new MCAs to cover the repayments of existing ones, as this can quickly lead to an unsustainable cycle of debt and further financial instability.9 Finally, law firms should be aware of their legal rights and potential defenses against MCA providers, particularly in cases where predatory lending practices may have occurred.9 Consulting with an attorney specializing in MCA debt can help law firms understand if their MCA agreements might be challenged as disguised usurious loans or if other legal remedies are available.43
7. Positioning [User Company Name] as a Solution Provider:
   [User Company Name] possesses a deep understanding of the unique financial landscape in which law firms operate, including the challenges associated with irregular cash flow and the complexities of alternative financing options like Merchant Cash Advances.16 With the upcoming SBA rule change restricting the refinancing of MCA debt, [User Company Name] is well-positioned to offer tailored alternative financing solutions to law firms seeking to manage or alleviate their existing MCA obligations. Our company provides a range of financing products, including business lines of credit, term loans, and revenue-based financing, which can be specifically structured to address the cash flow needs and debt management goals of law practices. These alternatives can offer more predictable repayment schedules, potentially lower overall borrowing costs, and more flexible terms compared to traditional MCAs. [User Company Name] has a proven track record of successfully partnering with law firms to navigate complex financial situations, including those involving high-cost debt. We offer personalized financial assessments and consultations to understand each firm’s unique circumstances and develop customized financing plans that align with their specific needs and long-term objectives. To further assist law firms in understanding the implications of the SBA rule change and the available alternative financing solutions, [User Company Name] will be developing targeted marketing materials such as webinars, informative blog posts, and comprehensive guides. We invite law firms currently burdened with MCA debt to contact us today for a free consultation to explore their financing options and discover how [User Company Name] can serve as a trusted partner in navigating this evolving financial landscape.
8. Conclusion:
   The SBA rule change prohibiting the refinancing of MCA debt with SBA 7(a) loans, effective June 1, 2025, represents a significant development for law firms that have utilized this form of financing. These firms will face new challenges in managing their existing MCA obligations, which are often characterized by high costs and demanding repayment schedules. The inability to rely on SBA loans for refinancing underscores the importance of proactively exploring alternative financing solutions and developing sound financial management strategies. Law firms should carefully assess their current situation, consider options such as business lines of credit, term loans, revenue-based financing, and debt consolidation, and explore the possibility of negotiating with their MCA providers. Seeking expert advice from financial professionals and legal counsel specializing in MCA debt can provide invaluable support in navigating this new landscape. [User Company Name] is committed to providing tailored capital solutions and expert guidance to law firms as they adapt to these changes. We encourage law firms to reach out to us for a consultation to discuss their specific needs and discover how our financing options can help them effectively manage their MCA debt and achieve their long-term financial goals.

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