As part of our coronavirus debt relief efforts, the SBA will pay 6 months of principal, interest, and any associated fees that borrowers owe for all current 7(a) and 504 Loans that are currently in regular servicing status. Additionally all new 7(a) and 504 Loans disbursed prior to September 27, 2020. This benefit is completely separate from the recently released 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 all NEW 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.
Get more information via the SBA Debt Relief’s official website.