
SBA Form 4, Schedule a


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People also ask
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What is SBA form 4?
SBA Form 4 is an application form used by small businesses to apply for a loan under the Small Business Administration (SBA) 7(a) Loan Program.
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Am I personally liable for an SBA loan?
If you signed a personal guarantee, it means you are personally liable for the loan even if the business closes. In such cases, the SBA may pursue collection efforts against your personal assets to recover the outstanding balance. However, the specifics can vary depending on the circumstances and applicable state laws.
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What disqualifies you from getting an SBA loan?
What Disqualifies You From Getting an SBA Loan? The three primary disqualifiers for an SBA loan include a poor credit history, insufficient collateral or equity investment, and lack of a solid business plan. These factors can signal to lenders a high risk of default, making loan approval less likely.
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What happens if you don't pay back an SBA loan?
Your Lender Will Initiate Collections Once the loan default grace period is up, your lender will hand over your account to collectors. It's at this point that lenders will usually be unwilling to work with you and will start seizing your business assets. If you pledged personal assets, those may be at risk as well.
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Does an SBA loan have to be paid back?
If you don't make payments between 90-120 business days, the SBA or the lender will move your loan program to default.
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Will all SBA loans be forgiven?
Only businesses that actually default on their SBA loan can apply for loan forgiveness. Be aware that you may default on a loan without being behind on payments. This happens when you violate the terms of the loan like: Taking on additional debt.
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Do all SBA loans have to be paid back?
While there was some confusion due to the nature of the loan and the relief program, a rule of thumb is that if you've been approved for a Covid-19 EIDL loan, you have to pay back that loan, although with some different repayment terms of other SBA loans.
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Is it hard to get an SBA loan right now?
Short Answer: Yes, it is difficult. You must meet the criteria for a program, and get approved by an SBA lender. It is not ``easy money''. Oh yes, the SBA doesn't make the loans, they back a guarantee for a regular approved SBA lender.
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