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SBA Debt Relief Program

Millions of U.S. businesses impacted by COVID-19 have obtained funding from the Small Business Administration (SBA) loan programs that were funded and expanded by Coronavirus Aid, Relief, and Economic Security (CARES) Act. Many jumped at the opportunity to get forgivable Paycheck Protection Program loans and grants from the Economic Injury Disaster Loan Program. Due to the popularity of these programs they had become difficult to obtain. There are other programs available to provide businesses with financial assistance, such as the SBA Debt Relief Program.

Under the SBA Debt Relief Program, the SBA will pay 6 months of loan payments, including principal, interest, and fees, of all existing and new 7(a), 504, and Microloans disbursed prior to September 27, 2020.

SBA 7(a) Loans

  • The loan proceeds can be used to set up a new business or to assist in the acquisition, operation, or expansion of an existing business.
  • Maximum loan amount $5 Million
  • Maturity- 5 years to 7 years for working capital, up to 25 years for equipment and real estate. All other loan purposes have a maximum term of 10 years

SBA 504 Loans

  • The loan proceeds can be used for major fixed assets for expansion or modernization (land, structures, machinery, and equipment; usually real estate). Refinancing of large equipment and/or owner-occupied commercial real estate may also be possible. Program loans cannot be used for working capital, inventory, or repaying debt.
  • Maximum loan amount: generally capped $5 million and $5.5 million for manufacturers and specified energy-related projects; minimum is $25,000
  • Required equity: A low down payment (10 percent in most cases)
  • Maturity: 10 years for equipment; 20 or 25 years for real estate

SBA Microloans

  • The loan proceeds can be used for working capital and acquisition of materials, supplies, furniture, fixtures, and equipment. Loans cannot be made to acquire land or property and can’t be used to pay existing debts.
  • Maximum loan amount: $50,000
  • Maturity: up to 6-7 years
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