SBA Debt Relief

SBA Debt Relief

This program will provide financial reprieve to small businesses. This program allows small business owners and non-profits the opportunity to get up to a $10,000 advance on an Economic Injury Disaster Loan. This advance may still be available even if your EIDL application was declined or is pending, and will be forgiven.

The SBA will:

·         Pay the principal and interest of new 7(a) loans issued prior to September 27, 2020.

·         Pay the principal and interest of current 7(a) loans for a period of six months.

To apply, go to

There are 3 main forms to fill out, and several additional forms that may be required when a Disaster Assistance loan officer contacts you. These forms are all available on the SBA website.

Benefits of this program:

               ·         Fixed interest rate of 2.75% for non-profits, 3.75% for all other businesses

               ·         Payment deferral of 6 months up to 1 year

               ·         Loan repayment durations could be up to 30 years. The SBA will make the loan term determination

               ·         Up to $2MM available, and $10,000 of that can be forgiven


               ·         Apply online, directly with the SBA, not through your bank