Deferment is no longer required for non-disaster SBA loans. Instead, the CARES Act will provide immediate relief to small businesses with non-disaster SBA loans, in particular 7(a), 504, and microloans. Under it, SBA will pay all loan payments on or after March 27, 2020 on these SBA loans, including principal, interest, and fees, for six…
Posts by Anish Patel
We recently sent out information to inform borrowers about potential deferment options available depending on loan type. Recently, clients have encountered lenders refusing to entertain deferment instead insisting borrowers take out an SBA Disaster Assistance Loan (“DALs”) to pay their mortgage or seek potential financing under the proposed legislation currently known as the CARES Act….
If you are a business owner worried about how, or if, you can make your next loan payment, you are certainly not alone. With the COVID-19 outbreak, these are tumultuous times and like you, there are countless business owners facing the challenge of how to prioritize business expenses when cash flow is drying up. For…