What You Need to Know About SBA 7(a) Loans by Steve Whitehill If you’re in the market for a small business loan, SBA 7(a) loans are a great option to explore. This particular type of loan is popular among small business owners because the capital lent serves many funding purposes. For […]
By Steve Whitehill Thank goodness, there is a new “EZ” short form for borrowers who meet certain criteria. See instructions and form below. https://home.treasury.gov/system/files/136/PPP-Loan-Forgiveness-Application-Form-EZ-Instructions.pdf https://home.treasury.gov/system/files/136/PPP-Forgiveness-Application-3508EZ.pdf There is also a revised standard application and instructions below. https://home.treasury.gov/system/files/136/PPP-Loan-Forgiveness-Application-Instructions_1.pdf https://home.treasury.gov/system/files/136/3245-0407-SBA-Form-3508-PPP-Forgiveness-Application.pdf Importantly pages 8-10 of this new rule (below) provide that you can pay […]
By Steve Whitehill, Anchor Business Advisors If you have questions after reading this series please feel free to contact us. In part 1 we discussed what you got the PPP loan for and what you can use the money for. In this installment, we will be filling out part of the […]
The following is based on and extracted from an article in The Motley Fool by Ollen Douglass and a Report from the SBA. As of April 16, the SBA’s statistics are: Summary *Net Approved Dollars do not reflect the amount required for reimbursement to lenders per statute within the CARES Act. […]
This article is an extracted from and article by Fenwick & West LLP. & Treasury Department website. Maximum Amount — The sum of (i) borrower’s average total monthly “payroll costs” during the one-year period leading up to loan origination multiplied by 2.5 (i.e., 2.5 times average monthly payroll costs) plus (ii) […]
This is based on a guide sent out from Senator Ben Cardin, Ranking Member – U.S. Senate Committee on Small Business & Entrepreneurship. Other than the SBA COVID-19 ECONOMIC INJURY DISASTER LOAN the CARES act provides for the following funding/loan programs: Capital to cover the cost of retaining employees. Then the […]
This article is very very closely follows an article I received from MBFA. It should be noted that this does not cover what the current Bill in Congress (as of 1:30 PM Eastern Time). Pursuant to the latest guidance from the SBA, small businesses that meet the SBA’s revenue OR the […]
SBA Disaster Relief This site allows the public to see what relief is available by state and county. https://disasterloan.sba.gov/ela/Declarations/Index/?utm_source=pardot&utm_medium=image&utm_campaign=MC_Partners_SBA_Relief_Assistance_03_17_2020 Apply for a Disaster Relief Loan This file walks you through the steps to apply for a loan, and the documentation that is needed to complete the request. https://disasterloan.sba.gov/ela/Documents/Three_Step_Process_SBA_Disaster_Loans.pdf SBA Disaster […]
The U.S. Small Business Administration thru its disaster relief program is offering low-interest coronavirus disaster relief loans for working capital to California, New York, Washington, and dozens of other state’s small businesses that are suffering substantial economic damage as a result of the COVID-19. Not all states have applied for this […]
For buyers seeking acquisition financing, an SBA 7(a) loan can be a fantastic tool. Relative to conventional loans that typically require down payments of 30% or more, buyers utilizing SBA loans can make a down payment of 10-25% (more on this later), and obtain a low fixed rate (a small amount […]