COVID-19 SBA Loan Reminder

From our CFO, Daniel Basch

As a reminder, as part of the 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 closed and disbursed prior to September 27, 2020.

For loans made after March 27, 2020 and fully disbursed prior to September 27, 2020, SBA will begin making payments with the first payment due on the loan and will make six monthly payments.

The “call to action” at this point in time is, if you are interested, contact your banker as soon as possible to apply for an SBA term loan, line of credit, or mortgage. Items you will want to have ready include the following:

• YTD Profit and Loss and Balance Sheet with prior year comparisons

• 2019 Personal and Business Tax Returns, if available.

• If not available, 2019 Profit and Loss and Balance Sheet

• 2018 Personal and Business Tax Returns

• 2017 Personal and Business Tax Returns

• 2016 Personal and Business Tax Returns, if 2019 returns are not available

• Current A/R and A/P Aging Reports

• Current Personal Financial Statement

• If your business has been impacted by COVID-19, the banker may ask for financial projections.

You only have one chance at making a first impression!

Please let us know if and how we can help you be prepared to discuss financing with your banker.