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.