Quote:
Originally Posted by O.city
SBA is offering disaster relief programs through their website.**SBA.gov/disaster
The program you were speaking about last night has not been rolled out yet.**It has been passed on some levels of Congress.**When it’s signed into law it will take them some time to develop and roll out.**I and my SBA lender suggest the site above and applying for disaster relief funds or you will have to sit tight and wait on them to sign the other into law.**Even if you apply for the disaster relief and then the other program is rolled out you don’t have to take the disaster relief and then you can still apply for the loans you are talking about if that comes to pass soon.**
When the program you are taking about rolls out to banks our SBA Dept will notify all of us and I will let you know ASAP.
Praying for you all!
Here is what I was told from a banker I’m close with
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Great info.....as of yesterday, my challenge was that it was really unclear how the money was going to get into the hands of small business....seems like the news today (kind of) clarifies that to a degree that the mechanism will be SBA backed loans with forgiveness options.....
But also, I was of the opinion that is was going to take several months to work out the specific details. that may be just me being overly cautious, as I never want to give my clients the impression that things are imminent (which often results in them stopping good sound business practices because of false hope), but seems to still be lots of questions of how this will work, which will certainly delay ultimate funding....
Your message above totally reflects exactly what I was thinking as well (and adds the 100% correct factor that CARES isn't law yet either...)