Everything You Need to Know About SBA Disaster Assistance Loans

Feeling overwhelmed about how to take the first steps to save your business from suffering losses as a result of the pandemic? Don’t be. It’s important to understand what concrete steps you can take right now to alleviate the economic impact on your business and ensure it is intact once this crisis is behind us.

Our Strategic Coaching and Business Support Services team is here to work with you to bring you the best resources and information to help navigate these challenging times. Even if you’re well-prepared with a three- to six-month buffer for your business, we recommend planning for what happens if those funds run out. What you need right now is cash.
New legislation in the wake of the COVID-19, which saw three stimulus bills get passed, provides funding to businesses just like yours. That means you are now eligible to receive disaster relief loans from the SBA. But with so much information to sort through as provisions roll out (the last bill was 800 pages), we can imagine you have questions.

Officially known as the CARES Act, the federal small business loan program includes nearly $350 billion and is designed to make sure your business get cash quickly with less red tape than the existing loan programs. In the midst of this everchanging landscape, we want to make sure you understand your available options on how to unlock critical financial resources for your business, determine which loan may be right for you, and walk you through the loan application process.

You’re probably wondering if you qualify or how to apply for a disaster relief loan, and when the new funding will be made available. Not to mention, how much money your business can receive, what exactly the loans cover, interest rates, and the time period covered. And what if you’re interested in receiving funding from more than one federal loan program or you’re still currently paying off a separate SBA disaster loan?

You’ve got questions. We’ve got answers. The demand for loans is high, so it’s important to make sure you have a dedicated team to help you apply and get approved for the right type of loans.

SBA and disaster relief loans could save your business. Contact us today for a free consultation!