What Method is Helping get Money with No Payment for 6 Months? ….SBA

What is the benefit of getting an SBA Loan?

There is one more BIG provision from the CARES Act that makes SBA loans a BIG winner right now but you must act fast….it only affects SBA loans that are closed by the end of September. Specifically, the Act states….Section 1112 of the CARES Act requires the Small Business Administration (SBA) to make payments on new and existing SBA 7(a) loans for six months.                                   cc: by  https://flic.kr/p/SCbA2sTThese are not deferments. They are full payments of principal and interest that the borrower will never be responsible for again. That is six months of loan payments that will be paid on your behalf. Specifically, the language in the Bill states “The Administrator shall pay the principal, interest, and any associated fees that are owed on a covered loan in a regular servicing status.”

Why Act Fast?

The program is offering 6 FREE Months of payments.  THAT IS HUGE! And people are flocking to get these loans in but that is why you should act fast now if you are a business owner, it will be a huge backlog fighting to close come September.…you don’t want to risk losing that by waiting too long. The next two weeks are critical!

 What are some uses of an SBA loan for a small businesses?

• Start up a new business-YES we can close start up business loans
• refinance and consolidate debt-even with no real estate (Business only loans have a 10 year amortization which is much longer then a typical lease or other business loan meaning much lower payments)
• Working capital for expansion
• Acquisition of another business (we are seeing a lot of this as Corona has left many businesses weak and prime targets for acquisition by stronger competitors in their space)
• and of course, acquisition and refinance of commercial buildings for your business