The SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic. As a part of the coronavirus debt relief efforts, the SBA will pay 6 months of principal, interest, and any associated fees on 7(a), 504, and Microloans disbursed prior to September 27, 2020.
What does this mean for you and your business?
Contact your lender if you have specific questions regarding payment relief, but there are a few main points to remember:
- For loans not on deferment, SBA will begin making payments with the next payment due on the loan and will make six monthly payments.
- For the loans currently on deferment, SBA will begin making payments with the next payment due after the deferment period has ended and will make six monthly payments.
- For loans made after March 27th, 2020, and fully disbursed prior to September 27, 2020, SBA will begin making payments with the first payment due on the loan and will make six monthly payments.
In order to receive most business loans, as the primary business owner, you must have a life insurance policy. Don’t let life insurance delay your loan closing so you can take advantage of the 6 monthly payments from SBA.
The Bailey Group can help your clients meet their life insurance requirements as quickly as SAME DAY!
Contact Us Today or Call 866-207-8988
This information is being provided for informational purposes only and you should seek guidance from your lender regarding your particular situation. Equitable Advisors and its financial professionals do not provide tax, legal, or loan advice.
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