Previously, we detailed as much as we know about the Stimulus Bill “Forgivable Loan” for businesses.
There is also a pre-existing Small Business Administration disaster relief loan program for individuals and businesses. Though this financing will not be forgivable, it is low interest, and may give you that added extra help that you need.
It may also allow you to re-arrange debt for your benefit.
More than likely, this SBA loan will require more ‘red tape’ than the Stimulus Bill short-term loan, but may be worth it depending on your circumstances.
Now that as a business owner you understand basically the terms, amount, etc. of the Stimulus Bill forgivable loan, consideration can be given to whether the pre-existing SBA disaster loan program is needed or helpful in your situation.
For certain individuals this program may also be helpful.
Here’s the SBA link for more information:
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