What will be the Required Application Document Checklist
Here is a shortlist of the items we believe we’ll need to process the SBA 7(a) relief loan: Completed Application SBA
Is it true I won’t have to pay back my loan?
The borrower is eligible for loan forgiveness equal to the amount spent by the borrower during an 8-week period after
Other Conditions and Requirements
Cannot apply for any other programs through the SBA for the same purpose. If a borrower has an EIDL Loan
What collateral is required?
The loan will be unsecured.
What is the term of the loan?
10-year full payout loan. There will be no prepayment penalty. Allows for complete deferment of SBA 7(a) Loan payments for
What is the allowable use of the proceeds?
Allowable uses of the loan include eligible payroll support (eligible employee salaries which excludes compensation above $100,000 in wages, paid
How do you calculate the total loan amount?
Average eligible monthly payroll costs, excluding compensation above $100,000 in wages (based on prior 12 months) multiplied by 2.5 (represents