The SBA (Small Business Administration is planning a stimulus package for small businesses during the pandemic. That stimulus for small business consists of loans directly by the SBA (not from banks). These loans will be at a fixed rate of 3.75% and up to $2M, with a long-term payback.
We will be following the loan process closely and keeping you updated. In the meantime, here are two things you should read right now to learn more about how these loans will work:
We recommend that you take the time NOW to familiarize yourself with how these loans work so that, if you find yourself needing a loan, you’re able to apply quickly. We hear that the process may be first-come-first-serve, so be prepare early!
Please note that, although these forms may change as part of the specific rollout of this program, they are still likely to follow a very similar format, as this will be part of the SBA’s disaster relief program.