What is an SBA LOAN?
SBA or Small business administration has introduced SBA loan; this is a disaster loan program to aid business in the wake of economic issues. This comes as a relief to small businesses that will be affected due to the COVID-19 situation. SBA LOAN program will work through the United States to help small businesses to cope with the financial difficulty of COVID-19. According to Tampa attorney for SBA loans, small business can get SBA LOAN at low-interest rates to get back in the saddle.
For the businesses suffering from corona virus pandemic, the interest rate is at 3.75% for small businesses. As far as the nonprofits are concerned, the rate is 2.75% rate, and these loans are usually capped at $2 million.
SBA LOAN:
• How Does it Work:
The government backs the SBA LOAN program. Even though a bank will be providing you with the loan, but the government will be guaranteeing it. In case you are unable to pay back to the bank, the government will cover the loss. There are many rules and regulations to this loan, so it’s better to consult Tampa attorney for SBA loansto understand all minor details.
• Eligibility:
As we are facing the worst pandemic in the economic history of the USA, the government has made all small businesses eligible for the disaster relief loan from the SBA. You can get a Tampa attorney to file for you, or you can fill the form online.
Things To Know About The SBA Loan:
Where To Start?
You can both choose the option to hire a Tampa attorney or file online under economic injury. Follow the instruction of the form or of your attorney to register for the loan and fill necessary information. If you are submitting it online, you can visit the site to keep track of the status of your application.
What Do You Need To Get The SBA Loan?
You will need all the financial information you can gather for this. Furthermore supporting documents of your business will be required as well. The business-related documents include tax return, financial statements, as well as property leases. It’s wise to consult a Tampa attorney for SBA loans as they can help you through every step and fill and upload your application successfully.
You will also need to state all information about your business as well as partners if any. You will need to fill the following information separately for all partners of the business. If it’s a sole proprietorship, you will only need to fill this for yourself.
How Long Will It Take To Get The SBA Loan Approved?
Typically you get the answer or decision regarding your SBA Loan in 21 days. In this time frame, a loan expert will get in touch to help you understand the payment method as well as the parameters of the SBA Loan. Once you qualify the loan and papers are signed, you will get the funds through ACH in about 3 to 5 business days.
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