The U.S. Small Business Administration (“SBA”) has announced that it is waiving the interest rate for the first year on new loans and deferring loan re-payments for 12 months. Therefore, SBA loan borrowers will not be required to make principal payments or interest payments during the first year of the loan. The SBA is automatically applying this benefit to all disaster loan borrowers.
I also want to take this opportunity to address several frequently asked questions I have been getting concerning SBA loans:
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