💰💰 $63,000 SBA Business Grant BETTER THAN EIDL!

A little talked about business stimulus program that gives free grant money to small businesses is available and in many ways is better than the $10,000 EIDL grant and loan program. If you max out this program you can get up-to $63,000 in free stimulus from this SBA program.

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https://www.inquirer.com/business/small-business/stimulus-ppp-loan-sba-debt-savings-restaurants-hotels-20210105.html

TOP SBA Lender List 👉👉 https://www.sba.gov/article/2020/mar/02/100-most-active-sba-7a-lenders

Gene Marks, For the Philadelphia Inquirer wrote about a little-known clause in the CARES Act that turned into a big savings for many small businesses that received loans from the Small Business Administration. That "clause" expired in September. But with the new stimulus bill, it's been resurrected - and significantly enhanced.

If you're a small business looking for an incredible financing deal, regardless of whether you've been affected by the pandemic, then pay attention.

Why? Because the new stimulus bill now forgives up to eight months of principal and interest payments on Section 7(a) and 504 Microloans from the SBA.

"I thought this debt relief program was an opportunity to provide fast, automatic targeted relief to SBA loan holders," U.S. Sen. Chris Coons (D., Delaware), who was instrumental in creating the initial legislation under the CARES Act and then enhancing it in the new bill, said in a recent podcast interview with the Inquirer reporter. "This program is simply the federal government paying a company's debt service."

Yes, the government will pay for a portion of your debt. So, if you want to take advantage of this unprecedented benefit, you'll need to become more familiar with the SBA's Section 7(a) and 504 loan programs.

A Section 7(a) loan, which is received through an SBA lender, is a loan that can be used for working capital, equipment, inventory and business acquisitions. You can borrow up to $5 million at both fixed and variable interest rates as long as you have fewer than 500 employees and less than $7.5 million in average annual receipts. You also have to be a for-profit business based in the United States and not be delinquent on any debt owed to the government. Depending on how you intend to use the funds, your maturities would be 7 to 25 years.

The SBA's 504 Microloan program is geared more toward economic development and job creation. It's available to purchase commercial real estate, existing buildings, and equipment that will help grow your business. These loans also have a $5 million limit and have similar requirements as a Section 7(a) loan. However, interest rates for these loans are fixed and maturities are 10 to 20 years depending on the nature of the loan.

If you already have an existing SBA Section 7(a) or 504 Microloan, then you can get up to eight months of forgiveness (three months plus an additional five months if you're in a hard-hit industry such as food service and accommodation, arts, entertainment and recreation, and education, as well as laundry and personal care services) of principal and interest payments, all capped at $9,000 a month.

If you get a new Section 7(a) or 504 Microloan, then your first six months of principal and interest (up to $9,000 a month) will also be forgiven.

⚠️ ⚠️ ⚖️⚖️ I am not a lawyer, CPA, tax advisor, realtor, financial advisor, etc., I have absolutely no licenses/certifications in anything related to these industries, I am just a dude on the internet. So, in full disclosure: the information I provide here is for "entertainment purposes only!" You should seek counsel from competent and certified individuals if you have questions. I may receive commissions when you use my affiliate links. stimulus check update stimulus update

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