Second round of SBA CARES Act funding

The Paycheck Protection Plan has re-opened for employers who experienced a 20% drop in revenue for any quarter in 2020. More expenses may be included, and the period for use of the funds is now 24 weeks. Businesses can borrower 2.5 times their monthly payroll, or 3.5 times payroll for businesses in the food service industry. For new SBA loans, the guaranty fee is being waived, and the SBA will pay for the first 6 months of principal and interest payments. These benefits will expire in September, 2021, so if you are considering SBA-guaranteed funding for a business acquisition or existing business refinance, now is the time to act. We have been assisting business clients with both PPP and SBA loans throughout the COVID pandemic. While this has certainly been a challenging time, it has also been a time of opportunity with low interest rates and favorable lending programs. Please contact us if we may assist you.