The SBA Lender Relief program has not passed yet!
The SBA Working Capital, aka SBA EIDL Program, offers up to 12 months of working capital, $2million loan cap, 3.75% fixed for up to 30 years…go to SBA.gov/disaster to educate yourself. Click here to get information https://disasterloan.sba.gov/ela/Information/EIDLLoans and for the application click https://disasterloan.sba.gov/ela/Information/EIDLLoans
If the business owners apply for the SBA Working Capital and get approved, they can always deny the funds and apply for the other program if it’s approved, but I would urge them to use the SBA EIDL program as the rate and terms are more beneficial to the business owner, and in the long run for the economy!
All SBA rules apply, there may be more relaxed requirements for either program, I can tell you that I’ve already had a few business owners get approved for EIDL program, they said it was quick and painless and they’ve already gotten their funds.
We are referring our business customers to this program, in addition, if you live in Florida you can apply for the Florida State Bridge Loan program for up to $50,000 for working capital.