There’s a section of the Cares Act that hasn’t received as much recognition as it deserves. The Small Business Administration is required to make 6 MONTHS worth of payments on new and existing SBA loans. Completely FREE. Get 2 FREE Stocks Valued Between $12-$1400 when you deposit $100 into a WeBull brokerage account: https://act.webull.com/t/X1eTd9ityFvU/0vm/ List of PPP lenders that don't require an existing bank account download link: https://mailchi.mp/26ef0b5a86af/ppp-lenders See how large of a forgivable loan you are eligible for! Download the PPP Calculator here: https://mailchi.mp/e7f3ad1f1f91/ppp-vs-ertc Subscribe for a profitable day: https://bit.ly/2HdKrSI Get emailed to be notified of new posts and exclusive content. No sales. No BS. http://eepurl.com/gWantb Check out my blog for more content: https://maxwellmaher.co Follow my Instagram for extras and additional content: https://www.instagram.com/maxwell_maher/ The most popular type of SBA loan is the 7(a) loan These loans can be used for working capital, refinancing debt, or purchasing a business, real estate, or equipment. The loan size can be up to $5 million dollars but isn’t usually lower than $30,000 for this program. (There are other programs for smaller loans). Looking to expand your business? Get a working capital loan. Let the SBA pay for 6 months Is your business in a tough spot with debt? Refinance your debt and let the SBA pay for 6 months Looking to expand by buying a building or equipment? Let the SBA pay it off for 6 months And yes of course if you’re looking to buy a business the SBA will cover 6 months of payments. The SBA was allotted $17 billion dollars to run this program. That’s more than they originally received for the EIDL grant program. There are a few different options within the 7a loan umbrella based upon what you need to have financed but here are some of the general loan details. -Maximum loan terms are up 10 years for working capital aor up to 25 years for commercial real estate loans. I didn’t see anywhere a minimum loan term. -Current interest rates are between 5.5%-8%. Again this varies based upon what you’re financing and the exact type of loan. There are other SBA fees as well that you will want to look into if you’re serious about these loans. -10%-20% down payment required. -680 credit score required The 2nd type of loan that the SBA will pay for 6 months of is a CDC/SBA 504 Loan. This program is for business owners who are looking to purchase or build real estate they plan to operate out of, renovate a building, or purchase other fixed assets. The business has to occupy at least 51% of the building purchased however this could be an excellent opportunity to buy a larger building and rent out a portion. -Current interest rates are a cheap 2.3%-2.8% right now. -Loan terms are 10 or 20 years Finally, the third type of loan the SBA will pay 6 months of is a microloan. This is perfect for those who are looking to start a business or need a smaller amount of funding for their existing business. A microloan can be up to $50,000 and like I mentioned it is used for starting or expanding a small business. This loan cannot be used to refinance debt or buy real estate. The loan term is up to 6 years with an interest rate between 5-10% For one-on-one business consulting email me at maxmahershow@gmail.com Mic I Use: https://amzn.to/34x2Pj6 4k Camera I Use: https://amzn.to/3een0a2 Disclaimer This presentation does not constitute legal or tax advice. It is provided solely for informational and educational purposes and does not fully address the complexity of the issues or all the steps businesses must take under applicable laws. You should consult your professional advisers regarding your individual situation. Max Maher undertakes no obligation to update the information in this presentation, and no representations are made that the content is error-free.
Hidden Stimulus - The SBA Will Pay You To Buy a Business
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