Below is a letter from Chris Sava of Hub Financing:
Businesses can submit their information and upload required documents through a secure online portal with my partner, South End Capital.
Here is the link: CARES Act SBA 7(a) Relief Loan Online Application
The Coronavirus Aid, Relief, and Economic Security Act in the Senate (the “CARES Act”) increases the maximum SBA’s 7(a) loan amount to $10 million and expands allowable uses of 7(a) loans to include payroll support (including paid sick or medical leave), employee salaries, mortgage payments, insurance premiums and any other debt obligations.
Please note that the CARES Act is not the same as the SBA economic injury disaster loan (EIDL) program that is already available on the SBA website, nor may it be used for the same purpose (compare programs here). Borrowers should evaluate both programs and choose accordingly.
CARES Act SBA 7(a) Relief Program
- Loans up to $10,000,000
- 1 to 500 Employees
- No Collateral Required
- No Personal Guarantee
- 100% SBA Guarantee
- Most Businesses Eligible
- 4% Maximum Rate
- No Prepay Penalty
- For-Profits & Non-Profits
- Guarantee Fees Waived
- Available to 12/31/20
- Businesses Must be Open as of 2/15/20
Please Note: The documentation required to be reviewed and approved for a CARES Act SBA 7(a) relief loan has not yet been formulated by the SBA to the best of our knowledge. As such, and to be as prepared as possible, we are requiring ALL of the documents listed on the “Documents” page of the below “CARES Act Relief Funding Referral Application” be uploaded. Additionally, we may be sending out our additional documentation requests via Formstack for e-completion and e-signature, to all applicants we consider may be eligible for a CARES Act relief loan.
It is important to note that this portion of the CARES Act is NOT the same as the SBA economic injury disaster loan (EIDL) program that is already available on the SBA website at sba.gov/disaster (the SBA provides this directly, not us), nor may it be used for the same purpose. Interested borrowers should evaluate both programs and choose accordingly.