The subsidy of Small Business Administration (“SBA”) loan repayments offered by the CARES Act has been extended by the newly enacted Economic Aid to Hard Hit Small Businesses, Non-Profits and Venues Act (the “Act”).
For existing SBA borrowers with currently serviced loans, the government will now pay principal, interest and fees for those loans for an additional five months (in addition to the original six-month period under the CARES Act).
Relief offered by the new Act may turn upon and/or be affected by whether your loan is on deferment, when a loan was disbursed and other factors, such as when the SBA approved the loan. Businesses and non-profits should carefully review the new Act in order to determine whether continued relief might be offered.
If you have any questions about this topic, please contact Dana Rose or your Weston Hurd attorney.
