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Additional SBA Relief

SBA Debt Relief

· The SBA will pay the principal and interest of current 7(a) loans for a period of 6 months.

· The SBA will also pay the principal and interest of new 7(a) loans issued before September 27, 2020.

Express Bridge Loan Program

· If a small business needs for cash while waiting for an EIDL loan decision and disbursement, they may qualify for this.

· Small business must have an existing business relationship with an SBA Express lender.

· If qualified, small business can access up to $25,000 with less paperwork.

· Maturity up to 7 years, and 50% guaranty applies, but no collateral is required.

· Will be repaid in full or in part by proceeds from the EIDL loan.

SOO YEON LEE

ATTORNEY AT LAW

1 North LaSalle St.

Chicago, IL 60602

312-332-2400

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© 2019 Soo Yeon Lee

The information contained here has been prepared for informational purposes only and is not legal advice. This material describes issues in general terms, and good legal advice required detailed analysis of particular facts and circumstances. We welcome the opportunity to discuss legal representation with readers of this content. However, the publication of this content is not intended to create, and receipt of the same does not create, an attorney-client relationship.