SBA Debt Relief Information: You will have 3 months from now to be able to receive debt relief for financing your business acquisition. As part of the coronavirus debt relief efforts, the SBA will pay 6 months of principal, interest, and any associated fees that borrowers owe for all current 7(a), 504, and Microloans in regular servicing status as well as new 7(a), 504, and Microloans disbursed prior to September 27, 2020. This relief is not available for #Paycheck Protection Program loans or #Economic Injury Disaster loans.
On average, business acquisitions take between 75 and 120 days. Viking has, on occasion, closed deals within 30 days, but most of the time it takes longer. So if you have been looking to purchase a business or have identified a business to acquire, we would highly recommend doing everything you can to have the deal funded by September 27th, 2020. Remember that the wording is the money must be “disbursed” by 09.27.20.
Have more questions? Contact us at Viking Mergers