Small businesses now have more financial help from the Small Business Administration.
- SBA debt relief extension: New and existing 7(a), 504, and microloans from the agency will receive an additional three months of principal and interest relief, capped at $9,000 per borrower per month, starting in February. The hardest-hit businesses will receive an additional five months of relief. The SBA will also cover the principal and interest payments on new loans approved between Feb. 1 and Sept. 30, 2021, also capped at $9,000 a month.
- SBA guarantees: The SBA will increase its loan guarantee from 85% to 90%, making the loan more attractive to lenders. The legislation also waives borrower and lender fees on 7(a) and 504 loans to entice borrowers and lenders alike.
- More funding: $25 million for the Minority Business Development Agency’s Minority Business Development Centers program to help minority-owned small businesses respond to Covid-19 and help them access additional government assistance.
Matt has sold over a dozen businesses over the past three years under the mentorship of Founder Mike Janis. Matt became Managing Partner of NJ Broker Plus in 2024, overseeing operations while executing on the firm's strategic growth initiatives.
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