If you are a local business still paying off a Small Business Administration loan from a previous disaster, you will get a little breathing room on those payments

If you are a local business still paying off a Small Business Administration loan from a previous disaster, you will get a little breathing room on those payments.

The U.S. Small Business Administration is now deferring those payments until the end of the year.

Deferments through December 31, 2020, will be automatic. 

Now, borrowers of home and business disaster loans do not have to contact SBA to request deferment.

The SBA says it is looking at every option and taking every action to cut red tape to make it easier for small businesses to stay in business.

And remember, SBA loans are available to businesses impacted by the coronavirus.

There is also a state bridge loan program where small business owners can apply for short-term loans up to $50,000

The loans are interest-free for up to one year.

You can get more information on the program at www.floridadisasterloan.org.

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