The U.S Small Business Administration Boosts Their Loan Programs to Offer Business Owner Cashflow Relief

During these trying times, the ability to cashflow operations should be at top of mind for most business owners. This “cashflow crunch” could last throughout the balance of 2020 and the ramifications for some could continue well beyond that.  In order to stimulate the economy and ensure business owners have the funds to continue to operate, the U.S Small Business Administration has bolster their loan programs; from both a capacity and accessibility stand point.  This includes increased availability to the Economic Injury Disaster Loan (EIDL) Program for all small business with borrowing limits up to $2M as well as an increase in the 7(a) borrowing limits to $10M.

Although, the new loans will be obtainable thru December 31st, 2020, we recommend evaluating your options with your local banker now, as the SBA is being inundated with new applications daily.

Here is a link to the SBA website that will provide additional details on the loan programs and guidance on how to apply.