The CARE Act of 2020 included Paycheck Protection Program (PPP), an SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis.
Which banks are ready (as of 4/2/2020) HERE
The application form is here on the PPP site.
Types of 7(a) loans by SBA (and info on the collateral and terms). You have to apply with an approved lender. Ask your business banker!
SBA 7(a) Working Capital or Debt Consolidation Loans from $30,000 to $350,000 from Smartbiz includes fees, eligibility and rates. Generally speaking, SBA loan credit score minimums typically fall somewhere around 620-640+.
What do you need to apply for an SBA loan? see the list here
SBA Loan Fees:
The SBA charges a guarantee fee. For loans between $500,000 – $700,000, there is a 3% guarantee fee or 2.25% of the loan amount paid to the SBA. For loans of $700,001 to $5,000,000 the fee is 3.5% of the guaranteed portion up to $1,000,000 plus 3.75% of the guaranteed portion over $1,000,000.
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