31/03/2020
Here are the details for emergency small business loans by SBA
"Treasury and the Small Business Administration expect to have this program up and running by April 3rd so that businesses can go to a participating SBA 7(a) lender, bank, or credit union, apply for a loan, and be approved on the same day."
All loans under this program will have the following identical features:
Interest rate of 0.5%
Maturity of 2 years
First payment deferred for six months
100% guarantee by SBA
No collateral
No personal guarantees
No borrower or lender fees payable to SBA
https://www.sba.gov/about-sba/sba-newsroom/press-releases-media-advisories/349-billion-emergency-small-business-capital-cleared-sba-and-treasury-begin-unprecedented-public
WASHINGTON – Following President Trump’s signing of the historic Coronavirus Aid, Relief, and Economic Security (CARES) Act, SBA Administrator Jovita Carranza and Treasury Secretary Steven T. Mnuchin today announced that the SBA and Treasury Department have initiated a robust mobilization effort...
