SBA COVID19 EID Loans

[Levi T.]

The SBA is doing up to 2 million at 3.75% for 30 year fix loans to businesses affected by COVID19, under the Economic Injury Disaster Loan Program. That made me think, it could be a good option in terms of clearing some higher rate loans with 5 arms, into 30 year fix. What are you thoughts about this, or your experiences with filing EID Loans yourself vs someone else filing it for you?

[Linda Weygant]

SBA loans are specifically stipulated that they may not be used to refinance other debt.  They are to help you through a short term disaster.