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Six months no payments with new 7a loans!

  • January 06, 2021 10:14 AM
    Message # 9720969

    Hello!  Welcome to 2021!  As you may recall, as part of the CARES act, the SBA was offering to remit the first six months' of payments on any new 7a loans.  (Not technically "forgiveness" as they will actually make the payment directly to the bank, decreasing the principal balance)  This provision has been renewed for 2021, for loans that close before September 30th!  Also the 7a guarantee percentage has been increased to 90%, making this a great time to finance your client's partner buyout or acquisition using an SBA loan!  

    Read Senator Cardin's statement here:  

    https://www.sbc.senate.gov/public/index.cfm/pressreleases?ID=57CA1A5E-C937-4E7C-9E46-075C00682E77

    Last modified: January 06, 2021 10:15 AM | MICHAEL METZ
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