Why Not Use Both?
Consider using multiple funding sources You’ve probably heard the buzzword “diversification” in relation to the stock market; the practice of...
Over the past several weeks, we have faced unprecedented business interruptions in the wake of the coronavirus pandemic. In response, the CARES Act was passed to provide fast and direct economic assistance for American workers and their families, as well as existing small businesses.
As part of the coronavirus debt relief efforts, the SBA announced a loan payment assistance program. If your business already has an SBA loan in place, with the first payment due after March 27th, 2020, OR you are a new borrower and can close your SBA loan and be in regular loan servicing on or before September 27th, 2020, the SBA will make your first six payments.
For businesses that already have SBA loans in place that meet the criteria, there is nothing you need to do other than enjoy the benefit of having your loan paid for six months.
On the other hand, for new businesses that do not yet have an SBA loan, you will need to hustle to beat the September 27thdeadline. It is imperative to remember your loan must be closed and fully disbursed, not just approved by this date. If your loan includes any construction and/or large equipment purchases, this means both must be complete and fully paid. So, if you intend to take advantage of the six-month payment relief, make sure you understand what it will take to get your loan closed promptly.
If you are considering business ownership, schedule a free consultation so our team of funding experts can help you determine the best strategy to get the capital you need.
Consider using multiple funding sources You’ve probably heard the buzzword “diversification” in relation to the stock market; the practice of...
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