Archive for the “America Banker”

Forgotten SBA Program gets New Life

The Small Business Administration ‘ s 504 program has operated in the shadow of the larger , more popular 7 ( a ) loan guarantee program throughout its 60 – year – history . This year is proving to be an exception .

SBA officials , as well as lenders at the certified devel – opment companies that participate in every 504 loan , ascribe much of the program ‘ s recent growth to a 25 . year lending product introduced in April 2018 . Prior to that , 20 years was the longest term for a 504 loan .

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The newly passed CARES Act allows for 6 months of debt forgiveness and offers two loan programs, Payroll Protection Program and the Economic Injury Disaster Loan.CLICK HERE FOR: COVID-19 Updates & Small Business Resources
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