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Small Business Debt Relief Program During the Coronavirus Pandemic

Small Business Debt Relief Program During the Coronavirus Pandemic

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Posted by EJ Brown

April 6, 2020


Download a free Small Business Debt Relief Program facts sheet now:


Included within

the Coronavirus Aid, Relief, and Economic Security (CARES) Act

, this program will provide immediate relief to small businesses with non-disaster SBA loans, in particular 7(a), 504, and microloans. 

Under it, SBA will cover all loan payments on these SBA loans, including principal and interest, for six months. This relief will also be available to new borrowers who take out loans within six months of the President signing the bill into law (March 27, 2020).

Eligibility

Anyone who has taken out a 7(a) loan, 504 or microloan through the SBA is eligible to apply. New loans (those that are issued prior to September 27, 2020) will be eligible for this program.

How to Apply

If you have taken out an SBA loan, contact your lender for more information.

FAQs

Which SBA loans are eligible for debt relief under this program?

7(a) loans, 504 loans, and microloans. Disaster loans and 7(a) loans made under the Paycheck Protection Program (PPP) are not eligible.

I’m interested in applying for a new SBA loan to take advantage of this program. How do I know if I’m eligible for a 7(a), 504, or microloan.

You must meet size standards, be based in the US, be able to repay and have a sound business purpose. You can check if your business is considered small here:

https://www.sba.gov/size-standards

Each program has different requirements, see

Online Resources

Find a lender with SBA Lender Match:

https://www.sba.gov/funding-programs/loans/lender-match

Find local assistance for SBA loans here:

https://www.sba.gov/local-assistance/find

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