We’ve all seen how the current government shutdown is affecting government employees and contractors, but it’s also impacting small businesses across the country. The Small Business Administration (SBA) is among the agencies currently closed.
If you’re relying on funding from the SBA and are afraid to enter into a business agreement because of the shutdown, Tisha has a work around for you in this week’s two-minute tip. Click the screenshot below to watch.
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Tisha, good point and this important contract provision apply in normal business contracts. I like “Force Majeure” like language in contracts where financing is involved similar to “… is contingent upon obtaining adequate financing under reasonable terms.” After watching this video, I am wondering if adequate financing should be replaced with a dollar amount and reasonable terms should be replaced with a range of interest rates and a range of years that are reasonable. Since most contracts are critical to the business, I also suggest getting expert legal advice.