Small Business Owner’s Resources during COVID-19 Crisis
Small Business Debt Relief Program
What you need to know about Small Business Debt Relief Program
Small Business Debt Relief Program provides immediate relief to small businesses with non-disaster SBA loans. This program applies to loans such as 7(a), 504, and micro-loans.
SBA will cover all loan payments on the loans mentioned previously including principal, interest, and fees for 6 months.
Small Business Debt Relief Program will also be available to new borrowers who apply for and receive loans within 6 months of the CARES Act in effect.
Loan Type Covered Under Small Business Debt Relif Program
- 7(a)*
- 504
- Micro-loans
*7(a) loans made under Paycheck Protection Program are not applicable for the Small Business Debt Relief Program.
How To Apply For Small Business Debt Relief Program
Small Business Debt Relief Program is automatic for small businesses with loans that qualify as mentioned above.
SBA has been directed to make payments for the qualifying loans within 30 days of the date on which the first payment is due.
It is strongly recommended that you contacct your lender to verify that you qualify for the Small Business Debt Relief Program.
Information provided by U.S. Senate Committee on Small Business & Entrepreneurship, Small business Administration and other information providers. See Find Start Grow Disclaimer prior to using contents of this site before use.
ADDITIONAL RESOURCES
Economic Injury Disaster Loan & Emergency Grants
Provides low interest loans of up to $2 million and emergency advance of up to $10,000 to small businesses and private non-profits affected by COVID-19 within 3 days of applying for SBA Economic Injury Disaster Loan.
Apply for SBA Loans
Provides low interest loans of up to $2 million and emergency advance of up to $10,000 to small businesses and private non-profits affected by COVID-19 within 3 days of applying for SBA Economic Injury Disaster Loan.
Paycheck Protection Program
Provides cash-flow assistance through 100% federally guaranteed loans to employers who maintain their payroll during this emergency period. IF employers maintain their payroll, the loans will be forgiven.
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