Does the CARES Act provide debt relief if I already have SBA loans?
Yes. The CARES Act provides immediate relief to small businesses with non-disaster SBA loans. Under this provision, the SBA will cover all loan payments on qualifying SBA loans to include principal, interest, and fees for a period of six months.
Do the debt relief provisions apply to new loans?
Yes. The relief provisions are also available on qualifying loans to new borrowers who receive loans within six months of March 27, 2020.
Are EIDL and PPP loans eligible?
No. Disaster loans made through the EIDL program and loans made through the PPP are not eligible.
Where can I find more information about employer and loan type eligibility?
For additional information about employer size standards, please visit https://www.sba.gov/size-standards/.
For additional information about loan types and eligibility, please visit https://www.sba.gov/funding-programs/loans.
You can also obtain information from your local SBA representative by searching https://www.sba.gov/local-assistance/find/.
Few of us have ever lived through times as strange and challenging as what we face today. Fortunately, you don’t have to traverse these uncharted waters alone. Through a partnership with Achilles Group, you will have a team of HR experts ready and able to help you navigate your way to safe and profitable harbors.
To learn more about how we can assist you during the COVID-19 crisis, please contact Jennifer Heylmun at 281-469-1800 or by email at jennifer.heylmun@achillesgroup.com.
