SBA Emergency Relief and Recovery Loans
In the wake of the COVID-19 pandemic, Congress announced that $367 billion will be given to the Small Business Administration lending authority to help businesses throughout the United States. KASHER Capital will be making SBA 7a emergency relief and recovery loans available to entrepreneurs to help them thrive during this challenging time.
SBA Relief Loans
Relief and recovery loans offer a number of benefits to businesses impacted by the coronavirus outbreak, including:
- Financing up to $10 million
- 100% government-guaranteed
- Terms up to 10 years
- Collateral required: none
- Prepayment penalties: none
- Personal guarantees required: none
Emergency relief and recovery loans can be used for:
- Payroll support
- Medical leave and health benefits
- Mortgage and rent payments
- Other debt-related costs
Emergency loans cannot be used for commercial real estate transactions, business acquisitions, or other uses associated with typical SBA 7a loans.
Qualifying for SBA Relief and Recovery Loans
Both businesses and not-for-profits are eligible for emergency SBA relief and recovery loans. Financing is structured around payroll and debt costs spanning the period from March 1, 2020 to June 30, 2020. In addition to financing, the new emergency package also allows for loan forgiveness which will be scaled to the number of employees laid off during this time period, excluding those positions making in excess of $100,000.
Applicants will need to provide the following supporting documentation:
- Valid driver’s license
- Articles of incorporation
- SBA 1919
- IRS 940/941 forms
- Payroll expenses
- Bank statements or employee pay stubs
- Itemized payroll and health benefits expenses
- Business utility bills
- Business rent or mortgage statements
Get the Financing Your Business Needs
If your business has been impacted by the COVID-19 outbreak contact the team at KASHER Capital today. Fill out our easy application form and we will reach out to help you with the next steps so you can get the assistance your business needs.