Get January 20 - SBA

COVID EIDL loans are not eligible for forgiveness and must be repaid in full, but borrowers can take advantage of a 30-month payment deferral period that begins on the loan date. This deferral period applies to loans approved in 2020, 2021, and 2022 and is an extension of the original 12-month deferral period.

As of January 1, 2022, SBA stopped accepting applications for new COVID-19 EIDL loans or advances. As of May 6, 2022, SBA is no longer processing COVID-19 EIDL loan increase requests or requests for reconsideration of previously declined loan applications.

Deferment. Due to the continued adverse effects of the pandemic, SBA provided a deferment period of 30 months from the date on the original Note for COVID-19 EIDL borrowers. This deferment does not apply to non-COVID disaster home and business loans.

Beginning May 2023, simplified underwriting can be used for loans $500,000 or less, including: Through an acceptable SBSS score, currently 155 and above. Through cashflow analysis. Through the lender's same policies and processes they use for similar-sized non-SBA guaranteed loans, including use of credit scoring ...

In 2022, Administrator Guzman announced that SBA would waive the interest rate for the first year and extend the initial payment deferment period automatically to 12 months for disasters declared on or after Sept. 21, 2022, through Sept. 30, 2023.

Maximum Loan Term Up to 30 years based upon repayment ability and SBA policy. There are no prepayment penalties.

Your Business Assets Will Be Seized and Liquidated They'll start by seizing the collateral you secured your loan against. In many cases, that means taking control of your business assets. After your lender seizes your assets, they'll liquidate them. In other words, your lender will put your assets up for sale.

Beginning May 2023, simplified underwriting can be used for loans $500,000 or less, including: Through an acceptable SBSS score, currently 155 and above. Through cashflow analysis. Through the lender's same policies and processes they use for similar-sized non-SBA guaranteed loans, including use of credit scoring ...