SBA Debt Relief Assistance
The Small Business Administration (SBA) is providing debt relief to current SBA loan borrowers throughout the COVID19 pandemic. Initial Debt Relief Assistance covered borrowers for 7(a), 504 and Microloans. Following provisions set forth in the CARES Act and the subsequent Economic Aid to Hard-Hit Small Businesses, Non-Profits and Venues Act, the SBA is authorized to pay six months of principal, interest and any associated fees that borrowers owe for all 7 (a), 504 and Microloans.
SBA automatically provides this assistance, borrowers do not need to apply.
- Loans not on deferment: for six months, SBA will make monthly payments
- Loans on deferment: for six months, SBA will make monthly payments after the deferment period ends