Applied for the SBA loan and was granted. At the time, interest rates were going to be 1% but changed to 3.75% which is not that great, just ok. Which is higher than current mortgage rates. Loan term 30 years. Loan amount 27,300 with a payment of 134.00 a month. Payments for me are not due yet however, as most already know. You can highly reduce the loan term buy starting to make payments now. Even though my payments are not due yet. I sent in one regular payment and one for principal only. Interest is based on principal amount of the loan. Come to find out, this isn't doable. All payments go to interest first. The SBA loan may still be a good option for some that are credit strapped. For me and others in similar situations. It would have been better if I refinanced with a home equity loan at 3.25% same loan duration and and home refinance, one can make payments on principal only as long as payments are current. In my honest opinion, for it to be a Covid 19 disaster relief loan" it should be at least as what is available on the open market, but it's not. Run your numbers before considering this route