[Yankeeman07]

Correction*

Any portion of the PPP disbursement which is not forgiven will turn into a loan with a 2 year term.

2 year term , but, the 6 months is deferred) (that is a change) resulting in a loan that will amortized over 18 months. (check that, I believe originally it was a 1 year deferred)

Merchant is approved for a PPP in the amount of $100K - and we will assume it is (NOT Forgiven) now has a note for $105,000.00 payable over 18 months - estimated monthly payment of $5883.00

IMO - a merchant that has been approved for a PPP should immediate apply for SBA 7(a) or micro loan.

The SBA will also automatically pay the principal, interest, and fees of new 7(a), 504, and microloans issued prior to September 27, 2020.

[Michael Slabitcher]

2 year term , but, the 6 months is deferred) (that is a change) resulting in a loan that will amortized over 18 months. (check that, I believe originally it was a 1 year deferred)

Merchant is approved for a PPP in the amount of $100K - and we will assume it is (NOT Forgiven) now has a note for $105,000.00 payable over 18 months - estimated monthly payment of $5883.00

IMO - a merchant that has been approved for a PPP should immediate apply for SBA 7(a) or micro loan.

The SBA will also automatically pay the principal, interest, and fees of new 7(a), 504, and microloans issued prior to September 27, 2020.

Hi Dave,

Who are you submitting applications to for the SBA 7(a)?

[Yankeeman07]

I rep for a SBA Bank

[Yankeeman07]

Michael - sent you an email

[capaxess]

2 year term , but, the 6 months is deferred) (that is a change) resulting in a loan that will amortized over 18 months. (check that, I believe originally it was a 1 year deferred)

Merchant is approved for a PPP in the amount of $100K - and we will assume it is (NOT Forgiven) now has a note for $105,000.00 payable over 18 months - estimated monthly payment of $5883.00

IMO - a merchant that has been approved for a PPP should immediate apply for SBA 7(a) or micro loan.

The SBA will also automatically pay the principal, interest, and fees of new 7(a), 504, and microloans issued prior to September 27, 2020.

I have 2 files w/full documents to submit for 7a SBA but I'm being told no applications are being accepted now - can anyone confirm that?

[Kevin Henry-Seacoast]

I have 2 files w/full documents to submit for 7a SBA but I'm being told no applications are being accepted now - can anyone confirm that?

Considering every bank in the Country is busy processing PPP requests.....Getting anything else done this week will be challenging.

KH

[Yankeeman07]

I have 2 files w/full documents to submit for 7a SBA but I'm being told no applications are being accepted now - can anyone confirm that?

I rep for an SBA Bank - the merchant seeking a working capital loan >$350K ?