Small Business Stimulus from SBA - Coronavirus - Forgivable Loans!

UPDATE: IF YOU DON'T HAVE YOUR PAPERWORK IN BY NOW AND YOU ARE BUYING A BRICK AND MORTAR TYPE BUSINESS - YOU'RE TOO LATE! FUNDING MUST BE DISBURSED BY SEPT. YOU MAY STILL HAVE TIME FOR A SERVICE BASED BUSINESS.
Small Business loans during Coronavirus are available! The SBA has been given over 800 million dollars by the government to help businesses during the crisis. This is not just for existing businesses, but for new businesses and franchises as well. What does that mean for you as someone buying a new franchise? Per section 1112 of the cares act the SBA 7a, 504 and microloans all qualify for no payments on your loan for up to 6 months, and those payments are forgiven. So if you purchase your franchise before September 2020, you can run your franchise for up to a full 6 months, take all that money in before you even have to make your first loan payment, AND the government is picking up the tab for your first 6 months of payments. That is huge. Obviously this is still subject to your standard credit approval we can help you determine eligibility. Keep in mind that in good times SBA loans take up to 60 days to process so you want to get in as soon as possible.

If you want to use your 401k, you can now withdraw up to $100,000 without penalty, or borrow up to $100k up from the previous maximum of $50,000. And of course the ROBS program where you allocate your 401 to your own business is still available. If the stock market continues to drop it might make sense to allocate your funds into your own business, and there are substantial tax benefits for doing so.

if you are an active franchise buyer you can get more details from your Franchise City broker. We can help with your financing, finding a franchise, researching your franchise, making sure its a wise choice and more, all our services are always free. https://www.franchise.city/

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