As we continue to refine adherence to more than 1,000 pages of the stimulus bill, there is a provision that does not get much attention, but it can be very helpful for small businesses. If you are a small business and have received an SBA loan from your local banker, but had difficulty making a payment, you can get a "stabilization loan". Click over here to get quick business loans.
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There are some news articles that dared to claim the SBA will now provide help if you have an existing business loan and are having trouble making payments.
Under the new stimulus bill, the SBA may come to your rescue. You will be able to get a new loan that will pay off the existing balance on extremely favorable terms, buying more time to revitalize your business and get back in the saddle. Well, you are the judge. Here are some features:
1. Do not apply for SBA loans taken out before the stimulus bill. As a non-SBA loan, they can be before or after the enactment of the bill.
2. Does it apply to SBA guaranteed loans or non-conventional loans as well? We do not know for sure. This law simply says it applies to "small business entities who meet eligibility standards.
This depends on the availability of money in funding the Congress. Some people think the way we are going with our Federal bailout, we will be out of money before the economy we are trying to save.