SBA’s Response In A Nutshell & How Our Experience Can Help You Secure The COVID-19 Relief Funds Your Business Needs
If You Are Closed But Still Awesome, Then This Article Is For You.
You have been hearing about this SBA Bailout for over a week. If Congress can make a decision and get the ball rolling, this is how the programs might be laid out next week.
Your business might qualify for one or both of these scenarios if you are experiencing hardship because of the Coronavirus pandemic! Aggressive Lending/Ivanhoe Capital Advisors has over 35 years of experience in helping businesses secure SBA loans and SBA Disaster loans. We are ready to roll-up our sleeves and work around the clock to keep this country going!
The Current SBA COVID-19 Economic Injury Disaster Loan
As of March 20, 2020 – Updates about this program can be found here.
- Eligible entities may qualify for up to $2 million
- Interest rates for this disaster are 3.75% for small businesses and 2.75% for nonprofit organizations
- Terms are up to 30 years
- These working capital loans may be used to pay fixed debts, payroll, accounts payable and other bills that could have been paid had the disaster not occurred
SBA Disaster Loan Programs
We are actively involved in helping businesses across the United States in dealing with the ever-changing financial climate brought on by the COVID-19 Pandemic. Businesses are utilizing our advisory services to understand the different solutions available to fit each company’s needs from comparing the various alternative sources of capital provided through the SBA Cares Act.
The Proposed Emergency Coronavirus Relief Package
As of March 20, 2020 – Updates about this program can be found here.
- Businesses with 500 or fewer employees are eligible
- 7(a) loan amount gets increased to $10 million through December 31, 2020
- Waives both the borrower and lender fees for 7(a) loans
- Increases the maximum loan for an SBA Express loan from $350,000 to $1 million through December 31, 2020, at which point the express loan will have a maximum amount of $500,000
- Expands allowable uses of 7(a) loans to include payroll support such as paid, sick or medical leave, employee salaries, mortgage payments and other debt obligations
- Borrowers can get a 7(a) loan or an SBA disaster loan, not both
- 100% government guarantees back these relief loans made through December 31, 2020
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Ivanhoe Capital Advisors Can Help During These Hard Time
We can help to restructure your existing SBA loan or with getting you working capital to pay your employees or fixed costs.
