Assistance to Small Business Owners Through SBA
The United States Small Business Administration has authorized assistance to small business owners through SBA for qualifying businesses who are suffering economically from the effects of the COVID-19 virus.
Unfortunately, many small businesses may not be eligible for the economic relief provided directly from the SBA through the Disaster Loan program. Accordingly, the United States President and the United States Congress are considering secondary legislation, funding approximately $300 billion in additional loans through the SBA’s 7A and other loan programs. These loans are provided by local lenders and guaranteed by the SBA. The pending legislation may also provide a reduced cost for the loans, with a waiver or reduction of the SBA guarantee fee which can range from 2% to 3.75% of the guaranteed portion of the loan.
SBA loan closings require expertise that not all attorneys have. The SBA loan attorneys at Geiger Legal Group have that expertise, having closed hundreds of SBA 7A loans over the last several years, providing for over $200 million in loans to small businesses all over Georgia.
This current economic situation has hit us all hard and devastated many businesses so quickly that financial relief is needed immediately – mostly for working capital to pay employees, rent, or other continuing obligations. An SBA loan is designed to meet that need.
If you are interested in obtaining an SBA loan under the proposed secondary legislation, please contact us. We can get you in touch with lenders who are ready to assist you. We will also work with those lenders to prepare closing documents while the loan approval is pending, not afterwards, so there is no delay in closing once the approval is received.
Attached below is a SBA loan application which provides a checklist for the necessary financial documentation needed to start the loan process. Please feel free to copy it and start gathering your information.
Download the SBA loan application here –>SBRA application 8-2019
And of course, if you have any questions, please give us a call.