If you are or have started the SBA loan process, the first thing, I’m sure, you have noticed is how gruesome and frustrating the application process is; assuming the website hasn’t crashed.
As you work your way through the process, please get your application submitted, and make sure you keep a copy of the full application you have submitted, because you should be able to use it with any new loans that become available. The government is currently finishing the new SBA relief package and there will be a new 7a loan. We do not, yet, know exactly what it will look like, but it looks like it is better than the current SBA Disaster Loan. The issue is that if you take the money from the current SBA Disaster Loan, then you may or may not be eligible to participate in the new and potentially better 7a loan that will be finished soon.
As a result, we recommend that you continue to go through the SBA process and it is fine if you have already submitted your application, but do not complete the process and take the loan money until we know exactly what the new 7a will look like.