New Borrowers:
Any SBA 7A loan that closes before September 27, 2020, the SBA will pay the first six months' payments of principal, interest and any associated fees. That is six months of free payments!
Let's start looking for your new business today!
Search for new Florida businesses HERE.
Call Eric for searches outside of the State of Florida at 239-738-6227.
Existing business owners who have already purchased a business with an SBA Loan:
Existing Borrowers on Deferment:
The SBA will pay the first six months' payments of principal, interest and any associated fees beginning with the next payment due on the loan after the deferment period. That is six months of free payments!
Existing Borrowers Not on Deferment:
The SBA will pay the first six months' payments of principal, interest and any associated fees beginning with the next payment due on the loan. That is six months of free payments!
Eligibility:
Any loan made under the 7A program, including Express and Community Advantage loans. The payments are also applicable to any loan guarantee by SBA in the 504 program (assume this refers to the debenture portion only) and to any loan made by a microlender.
- Important to note: those loans made under the new Paycheck Protection Program are not eligible to receive payments.
- Sense of Congress: All borrowers are assumed to be "adversely affected by COVID-19" and all relief payments are deemed appropriate for all borrowers, creating a very clear bright-line for lenders and removing the burden from lenders to determine if a borrower is eligible in any way -- all borrowers are deemed eligible.
Best,
Eric J. Gall
239.738.6227
[email protected]
