As part of its coronavirus debt relief efforts, the SBA will pay six months of principal, interest, and any associated fees that borrowers owe for all current 7(a), 504, and Microloans in regular servicing status as well as new 7(a), 504, and Microloans disbursed prior to September 27, 2020. This relief is not available for Paycheck Protection Program loans or Economic Injury Disaster loans. Borrowers do not need to apply for this assistance. It will be automatically provided as follows:
For loans not on deferment, SBA will begin making payments with the next payment due on the loan and will make six monthly payments.
For loans currently on deferment, SBA will begin making payments with the next payment due after the deferment period has ended, and will make six monthly payments.
For loans made after March 27, 2020 and fully disbursed prior to September 27, 2020, SBA will begin making payments with the first payment due on the loan and will make six monthly payments.
SBA has notified 7(a), 504 and Microloan Lenders that it will pay these borrower loan payments. Lenders have been instructed to refrain from collecting loan payments from borrowers. If a borrower's payment was collected after March 27, 2020, lenders were instructed to inform the borrower that they have the option of having the loan payment returned by the lender or applying the loan payment to further reduce the loan balance after SBA's payment.
Borrowers should contact their lender if they have any questions regarding this payment relief.
Research based learning
"Providing resource supported answers."
Should the applicant cancel / decline the loan or should you allow the agency (SBA) to cancel your loan?
Disaster Recovery, the Process and Procedures are always the same. Only the type, size and name of the disaster changes. USA COVID-19 2020 impacts over 328.2 million people. We are managed by the same agencies that managed Louisiana floods. Timeliens
Geotechnical Soil Analysis Soil type Compression etc., for new residential construction in Denham Springs LA. 70726...
Do you all know Cunningham's Law?
"The best way to get the right answer on the internet is not to ask a question; it's to post the wrong answer."
Don't allow misleading or misinformation to cost you. Nearly all of the wrong answers come from not knowing where and how to search for the correct answers.
- Thu. Apr. 8, 2021
- Sun. Mar. 28, 2021
- Sun. Mar. 28, 2021