SBA 6-Month Debt Forgiveness

Although the Small Business Administration ("SBA") Paycheck Protection Program ("PPP") has gotten most of the attention recently, there are other helpful programs recently launched by the SBA. Section 1112 of the Coronavirus Aid, Relief and Economic Security Act (CARES Act) provides 6 month debt relief to SBA 7(a), 504 and Microloan borrowers. Essentially the SBA will pay the principal and interest on these loans for 6 months. They will even make these payments if your loans are in deferment. The key is to be in touch with your lender and ensure that you are enrolled in the program. Here is a link to the description of the program: https://bit.ly/2zyi7sn