Attn: SBA Loan Deferments

[David H.]

Good morning everyone!

As an SBA professional I wanted to make you all aware that the SBA has a long standing policy to allow for loan deferments to handle temporary cash flow disruptions, which the Covid19 event qualifies as.

This pertains to all borrowers who have an existing SBA 7a, 504 or Microloan.

Loan deferment can be done unilaterally by your lender. Give them a call now and get out in front of this!

Loan deferments can be up to 6 months P&I. Certain circumstances are different depending on if your loan was sold on the secondary market. If it was, it is still eligible for 90 day deferment and has the potential for more with investor approval.

Many hotel owners and self storage investors utilize this loan products. Start this process now. There will be a bottleneck of requests soon.

[Ronald Rohde]

Great advice, this is very true for tenants as well as landlords. Be proactive in your communication. If there are concessions or forbearance scenarios that are playing around, communicate it and get agreements in writing. Don't just hope or pray for the best. Courts are closed, no evictions, tenants must comply with Open Hours clauses, etc.