The Coronavirus Aid, Relief, and Economic Security (CARES) Act was designed to minimize the negative impacts of the shutdown on the US economy, with special provisions for small business owners. For those who currently have or are pursuing an SBA 7(a) loan, the CARES Act will impact you in several ways. You should take these affects into consideration as you’re making decisions that will affect your immediate and future financial situation.
There are many common misconceptions about the SBA 7(a) loan program. In reality, the 7(a) loan is designed to help small business owners overcome common barriers to achieving their goals. Whether you’re a seasoned small business owner or an entrepreneur just starting out, here are some quick facts to help you learn more
The SBA 7(a) loan program exists to help small businesses. Simple as that. Despite being the SBA’s most popular loan program, there are common myths and misconceptions around the 7(a) that have resulted in overarching confusion about the program. We’ve separated fact from fiction so you can make the most informed financial decision for your business.