SBA loans – get ready for a bumpy ride

The $350 billion allocated by recent stimulus legislation for small business lending is welcome news for startups and entrepreneurs. Tomorrow, April 3, is the first day that Small Business Administration lenders will be taking applications, and a flood of them is expected. The process, however, seems destined to be somewhat chaotic. Detailed rules to flesh out the process, both for borrowers and banks, have not been issued. No doubt, governmental and bank employees are working long hours to set up a workable system, but be prepared for a bumpy ride – and put your application in early.

goodcounsel has set up a number of pages on its website dedicated to explaining the provisions of recent emergency legislation, including SBA loan programs. The main resource page is here. We hope it is useful to you.


Categorised as: Covid 19 issues