The PPP program officially ended this weekend, and no more approvals are being issued. Many business owners might now want to consider the additional benefits of the SBA program in the Cares Act, which officially ends on 9/31.
Borrowers funded for a conventional SBA loan between now and the end of September will receive their first three months of payments paid by the government, up to $9,000 a month, and all of their guarantee fees waived. For a ten-year SBA loan of $350,000 – these savings are $19,200, just as one example. Remember that SBA loans can go up to $5,000,000 for working capital, acquisitions, partner buyouts, debt restructuring, and up to $12,800,000 for owner-occupied real estate and equipment loans.