Debt Relief under the CARES Act for SBA Borrowers.
One thing that has not been heavily publicized about the federal government’s stimulus and relief programs may have a positive impact for those who have obtained SBA loans for business acquisitions or other purposes. Under the CARES Act, in general, the SBA will make the principal and interest payments due on existing SBA loans (and new SBA loans, other than Paycheck Protection Program and Economic Injury Disaster Loans that have separate subsidies made through September 27, 2020) for a period of six months. While this subsidy is conceptually for businesses harmed by the COVID-19 Pandemic, the Act includes language that … Read more