With all the new programs the government has passed, now is the time.
While much of the focus of the CARES Act has been on the Paycheck Protection Program, which allocates $349 billion for new SBA loans to cover qualified expenses, the Act contained a key provision related to new & existing SBA loans.
But the Act also appropriated $17 billion to subsidize some small business loans. What does this mean for you? The SBA will pay the principal, interest, and fees owed for six months. Payments commence with the first payment due after March 27, 2020. The SBA also will pay six months of principal, interest, and fees for new SBA loans made between March 27, 2020, and September 27, 2020.
Click the below link for additional information on this provision of the CARES Act.