SBA Loan Payments Forgiven for 6 Months!

Apr 29, 2020 | Articles, Coffman Capital, SBA Loan Program

SBA Loan Payments Forgiven for 6 Months!

If you hadn’t heard, the CARES Act indicates that not only are all the SBA loans already issued not required to make payments for 6 months, but NEW LOANS closed by September 27, 2020 will also not have to make payments for 6 months.

Please see this link to the SBA to see for yourself:
https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/sba-debt-relief

The actual text from that webpage states:

  • For loans not on deferment, SBA will begin making payments with the next payment due on the loan and will make six monthly payments.
  • For loans currently on deferment, SBA will begin making payments with the next payment due after the deferment period has ended, and will make six monthly payments.
  • 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.

If you are considering buying a business or business real estate, now is a pretty good time to do it if the business conditions are favorable.

sba-financing-coffman-capital​Coffman Capital has the resources and expertise to work on your loan in a very timely manner and will do our best to help you take advantage of this new benefit.

  • We are aware of the challenge of the PPP loans slowing down SBA lenders and also taking away funds from the SBA 7a program, but these are things that have happened before but for other reasons. If you check in with us, we’ll be glad to help you find out what’s do-able in your situation.

Please call Coffman Capital to help you get started on your new Business Opportunity!  You can call directly at 813-891-1811, or go to our Contact Page by clicking HERE.

We’re Ready to Help You Grow!