SBA Debt Relief

SBA Debt Relief

SBA Debt Relief is a program offered by the Small Business Administration (SBA) to provide financial assistance to small businesses that have been impacted by the COVID-19 pandemic. The program includes several different initiatives, including:

  • Paycheck Protection Program (PPP): This program provides forgivable loans to small businesses to help them keep their employees on payroll during the pandemic.

  • Economic Injury Disaster Loans (EIDL): This program provides low-interest loans to small businesses and non-profit organizations that have suffered substantial economic injury as a result of the pandemic.

  • Debt Relief: This program provides immediate debt relief to small businesses with non-disaster SBA loans, including 7(a) and 504 loans, by paying the principal, interest, and fees of current 7(a) loans for a period of six months.

  • Targeted EIDL Advance: This program provides up to $10,000 of emergency economic assistance to eligible small businesses and non-profit organizations that have been particularly affected by the pandemic.

These programs are intended to help small businesses with cash flow and liquidity issues caused by the pandemic, enabling them to continue operations and pay their bills, including rent, mortgages, and employees’ salaries. The terms and conditions of these programs are subject to change as the situation evolves and new laws are implemented. It’s important for small business owners to keep themselves informed about the most recent updates and requirements to apply for these programs.

The Better Choice lenders help clients with their business financing and capital needs. IF you have questions or just want to see if we can help – Please use the button below to contact one of our associates.