Understand Your Options
In light of the COVID-19 pandemic, the SBA is offering relief loans to small business owners in the form of the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL). For the Paycheck Protection Program, we are processing PPP loans for our current customers and are unable to accept new applications at this time. For the Economic Injury Disaster Loan, apply directly through SBA.
This comparison chart illustrates each program as of April 4,2020.
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Important News For Businesses With Existing SBA Loans
SBA 7(a) Loan Relief for Existing Loans under the CARES ACT
If you currently have an SBA 7(a) loan, the SBA will pay your principal and interest payments for six months, beginning with the first payment due on or after March 27, 2020.
As of Wednesday, April 1, 2020 IncredibleBank:
- ceased collecting loan payments (principal and interest), for the next 6 months, on existing SBA 7(a) customers;
- stopped all ACH and/or AFT drafts
- stopped the issuance of past due invoices
- stopped late payment fees and
- stopped negative credit bureau reporting
Clients who have online banking will most likely see that their payment is past due. All SBA payments to IncredibleBank will be 30 days in arrears.
This portion of the SBA 7(a) relief program also applies to new SBA 7(a) loans closed after the Act date and through Sept 2020.
Thoughtful Business Loan Solutions
At Incredible Bank, we are dedicated to offering white glove, boutique-level service focused on thoughtful loan solutions specifically tailored to your business. Our team of seasoned SBA professionals have the expertise to successfully help you prepare yourself and your business not only for an SBA loan today, but for exponential growth into the future.