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SBA 504 Loan – Payment Deferral Information
SBA may agree to defer payments on a 504 SBA loan for up to 6 months and will adjust future payment amounts to allow the Borrower to catch up. The catch up period will depend on various factors including loan amount, loan term and borrower’s ability to repay.
Please note that if your monthly payments are deferred, the resumed payments will be increased (during the catch up period) to amortize the amount of payments missed. Those payments could be substantially more than you are currently paying.
Checklist for deferral request
Borrower must provide the following information in order for NWBDA to process the loan payment deferral request:
- Written Statement outlining the reason(s) for the cash flow problem. This explanation should be specific and relay why the Borrower’s cash flow problems are a short term issue.
- Contact information – Provide the best email and phone number where you can be reached. Prior to submitting to SBA, we will be calling you to ask a few business related questions.
- Correspondence (email is sufficient) from the Bank who holds your first trust deed loan that outlines the relief/deferment or modification they will be providing on your loan.
- Current financial information consisting of:
- Current financial statements (form 770 attached) for all guarantors
- 2018 & 2019 Personal Tax Returns or copy of extension(s) for all guarantors
- 2019 year-end business financial statement
- Current interim financial statement (within last 90 days)
- If Borrower has any affiliates, a current consolidated financial statement
- 2019 Business Tax Returns or copy of the extension
We ask that you send all the above information at one time versus multiple submissions/emails. You can securely upload your documents above or email them to firstname.lastname@example.org.