Good news for anybody closing a deal using an SBA loan. Attached a link below to the Senate's proposed changes to the SBA program. Here's a blurb below that impacts us:
Specifically, Chairman Rubio’s bill would:
- Waive all fees for all 7(a) loans for one year for both lenders and borrowers.
- Provide a 90 percent loan guarantee for all loans, no matter the size.
- Increase the loan limit for SBA Express from $350,000 to $1 million. This program currently provides an accelerated turnaround time of 36 hours for SBA review, and provides a revolving line of credit for small businesses.
https://www.sbc.senate.gov/public/index.cfm/2020/3/chairman-rubio-to-introduce-bill-to-help-small-businesses-impacted-by-coronavirus
All – please find below a link to a compilation of emergency funding and relief programs we developed to help small and medium sized businesses immediately source and generate the short-term funds they need to continue to pay their workers, key suppliers and vendors.
We will be updating and improving this site several times a day as new information becomes available including the important Small Business Interruption Loan Program that is proposed in the US Senate.
If we’ve missed an important program or resource please send it our way so we can add it to the site.
Feel free to forward to anyone else that needs it.
Link: https://lnkd.in/diBr3Gs