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Debt Relief beyond the PPP – Loans Eligible for the SBA to make Six Months of Payments

April 20, 2020

For anyone considering a business acquisition, now may be a great time to do it. Many buyers finance business acquisitions using 7(a) loans. A 7(a) loan is a general-purpose loan up to $5 million, which can be used to purchase a business, purchase equipment, or obtain working capital, among other uses. 504 loans are loans for the limited purpose…

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Debt Relief beyond the PPP – Loans Eligible for the SBA to make Six Months of Payments

April 15, 2020

Aside from the Paycheck Protection Program, are you aware of the other small business relief program created by the CARES Act? Under the Debt Relief Program, the SBA will automatically be making six months’ worth of payments on eligible loans, including existing loans and any new loans taken out prior to September 27, 2020. For…

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SBA loans – Can my PPP loan be forgiven in whole or in part?

April 6, 2020

After the Small Business Administration (SBA) applications under the CARES Act for the Paycheck Protection Program are now possible and many banks have opened their portals and applications are pouring in, the next question is: can the loan be forgiven? photo mysynergy.com   The quick answer is: Yes. We suggest that you open a new bank…

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The CARES Act – Which businesses will qualify for a Small Business Administration Loan?

March 26, 2020

The CARES Act has officially passed in the Senate and a vote is expected in the House on Friday, March 27th. If the Bill is signed into law as expected, $350 billion will be dedicated to preventing layoffs and business closures while workers stay home during the outbreak. Companies with 500 employees or fewer that…

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COVID-19 “CARES Act” bipartisan stimulus package being finalized in Congress will help small businesses

March 26, 2020

In the early morning on March 25, 2020, the White House and Senate finally reached an agreement on a $2 trillion package to respond to the current economic crisis caused by the COVID-19 pandemic. Though a deal has been struck on the key points of the Bill, many details are still being finalized. However, a few…

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