SBA Covers Some Loan Payments for 6 Months
As part of the CARES Act, the US Small Business Administration (SBA) will pay 6 months of principal and interest payments for all SBA 7a loans disbursed before September 25, 2020. This is not a deferral – the government is going to make the loan payments for six months. The program is intended to provide a financial reprieve to small businesses seeking financing during the COVID 19 pandemic.
It should be noted that this applies only to qualifying SBA 7a loans. It does not apply to Paycheck Protection Program (PPP) loans or Economic Injury Disaster loans.
With interest rates the lowest in years, right now is a great time to take advantage of the incredible offering from the SBA. The financing can be used for:
- Perpetuation & partner buyouts
- Refinance existing loans including seller notes
- Working capital
- Building Purchase
To learn more about the program and how to take advantage of the offering before it expires, please contact:
Mike Strakhov, CPCU
SVP – Insurance Lending
Live Oak Bank
O: 910-550-2884 | C: 614-361-9482