Here are the two main highlights:
1. It’s now possible to use refinance proceeds for itemized business expenses such as salaries, rent, utilities, inventory, paying-down payables, and other obligations of the business. (This has the potential to help kick-start the small business economy and get it back on track.)
2. Borrowers with loan deferments and/or modifications on their conventionally-financed owner-occupied commercial real estate are now eligible for refinancing as long as they’ve not been past due (more than 30 days) on the terms of their deferment/modification.
If you know someone who should look into the SBA 504 Refi Program, please contact us.