SBA Loans

What SBA Loans Are Available Now?

SBA Loans:


  • Now Accepting New Applications for Economic Injury Disaster Loans and Advance: On June 15, SBA
  • If already applied, it is first come, first served
  • You will go to the same place, SBA.GOV and go to the Disaster Loan Assistance page, and then click on apply
  • To access the advance (which you are calling the emergency grant) , you would just start the application, and the advance is just part of that process
  • The loan parameters are the same as before
  • Must have been in business by Jan 31,2020
  • Small business according to SBA regulations, or a business that employees fewer than 500 employees
  • Includes full time or part time employees
  • Above $200Kall 20% or more owners must guarantee the loan
  • More board expenses category including payroll and other expenses. It can include future obligations that cannot be met due to the economic loss of Coronavirus
  • $2 MM
  • 3.75%, and 2.75% for nonprofits
  • Up to 30 years (underwriting is needed)
  • You can still apply even if you have credit available elsewhere such as credit lines or credit cards
  • First month’s payment is deferred for a year from the date of the note
  • Only the $10K advance can be forgiven
  • Up to $10k can be requested as an advance for working capital and is expected to be paid within 3 days if approved
  • Credit check (Mandatory)

Other available Relief Loans

SBA Express Bridge Loans

  • Enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.
  • Fast turnaround
  • Will be repaid in full or in part by proceeds from the EIDL loan
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