Quote:
Originally Posted by tis
I am so sad for those in the restaurant industry. Let's just hope this can end sooner rather than later. I'm not sure how much good a loan does if they don't have any money to pay it back.
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As is always the case the benefit will vary on a per business bases. I personally have very little debt associated with our business, however the debt I do have is short term and a bit higher interest rate than SBA. An SBA loan would enable me to consolidate my debt at a lower rate for a period of up to 30 years. This can reduce monthly payments significantly which would be beneficial should this crisis go the expected 12 to 18 months full-term. Should I re-open an get in full stride sooner I will always have the option of paying down the debt sooner.