The social distancing efforts being used to combat the CoronaVirus has left Small Business Owners in a very tough situation.

There are 2 major SBA initiatives happening:

1. $7 billion in disaster relief loans has been passed and signed by the President

2. A $50 billion SBA package to increase and stimulate 7(a) lending is being worked on to further assist.

My advice for SBA lenders during this unprecedented time:

- make sure small business owners are educated on any MCA loans they may be considering

- ask the right questions and do the right analysis for loans that are in closing to make sure you avoid an early default situation

- expect 2020 to be a down year for many small businesses

For more info regarding SBA disaster recovery loans you can call 1-800-659-2955 or email [email protected].

The content of this podcast is my own and doesn't necessarily reflect the views of my employer.