Do you currently have an SBA 7a Loan through your bank with the SBA? If so, you can use this program, and the SBA will actually make your loan payments, including interest, for six months. And even better news is that you don’t even need to apply for this. The SBA will automatically apply the assistance to your loan, assuming your loan is not in deferment status.
Debt Relief for SBA Loans
The SBA on the Debt Relief Program:
“As part of our coronavirus debt relief efforts, the SBA will pay 6 months of principal, interest, and any associated fees that borrowers owe for all current 7(a), 504, and Microloans in regular servicing status as well as new 7(a), 504, and Microloans disbursed prior to September 27, 2020. This relief is not available for Paycheck Protection Program loans or Economic Injury Disaster loans.”
ASCEND Is Here to Help
As you may have seen in our recent blogs and newsletters, there are several programs out there to help small businesses through this economic crisis. And we’re here to help. Our Business Advisory Services will help you sift through all of the options, identify any tax ramifications, and ensure that your relief strategy gets your business through this.
Call our office now at 888-297-3321 so that we can help you.
Check out our COVID-19 Relief Series for more information.