Are there any debt relief programs extended by the recent stimulus bill passed (H.R. 133)?

Yes, the payment of principal and interest (P&I) on small business loans guaranteed by the SBA under the 7(a), 504 and microloan programs, established under the CARES Act.

Is there any special consideration for restaurants?

Yes, after the three-month period described above, borrowers considered to be underserved—namely the smallest or hardest-hit by the pandemic—will receive an additional five months of P&I payments, also capped at $9,000 per borrower per month.

Who are the borrowers considered underserved?

Borrowers with SBA microloans or 7(a) Community Advantage loans and borrowers in the food service industry with any 7(a) or 504 loan. 

For new loans, how doe SBA payments of P&I work?

SBA payments of P&I on the first 6 months of newly approved loans will resume for all loans approved between February 1 and September 30, 2021, also capped at $9,000 per month. 

Please keep in mind that if the SBA projects that appropriations provided for the debt relief program are insufficient to fund the extensions provided, the Administrator may proportionally reduce the number of months provided in each extension.

How many loans can a business receive SBA P&I payments?

Any business or applicant may receive P&I payments for only one loan approved after CARES Act enactment.

In the recent stimulus bill passed, are there any fee reductions that would help a new borrower?

Yes, lender and borrower fees for both the 7(a) and 504 SBA loan programs have been waived through September 30, 2021.

Are there any debt relief programs extended by the recent stimulus bill passed (H.R. 133)?

Yes, the payment of principal and interest (P&I) on small business loans guaranteed by the SBA under the 7(a), 504 and microloan programs, established under the CARES Act.

All borrowers with qualifying loans approved by the SBA prior to the CARES Act will receive an additional three months of P&I, starting in February 2021. Going forward, those payments will be capped at $9,000 per borrower per month.

Is there any special consideration for restaurants?

Yes, after the three-month period described above, borrowers considered to be underserved—namely the smallest or hardest-hit by the pandemic—will receive an additional five months of P&I payments, also capped at $9,000 per borrower per month.

Who are the borrowers considered underserved?

Borrowers with SBA microloans or 7(a) Community Advantage loans and borrowers in the food service industry with any 7(a) or 504 loan. 

For new loans, how doe SBA payments of P&I work?

SBA payments of P&I on the first 6 months of newly approved loans will resume for all loans approved between February 1 and September 30, 2021, also capped at $9,000 per month. 

Please keep in mind that if the SBA projects that appropriations provided for the debt relief program are insufficient to fund the extensions provided, the Administrator may proportionally reduce the number of months provided in each extension.

How many loans can a business receive SBA P&I payments?

Any business or applicant may receive P&I payments for only one loan approved after CARES Act enactment.

In the recent stimulus bill passed, are there any fee reductions that would help a new borrower?

Yes, lender and borrower fees for both the 7(a) and 504 SBA loan programs have been waived through September 30, 2021.