A program that provides temporary relief for borrowers of SBA-backed loans has been renewed.Starting February, new borrowers will get six months' coverage on loans approved until September 30.The December legislation that enhanced the CARES Act and reauthorized PPP also revived a program that allows borrowers of SBA-backed loans to skip interest and principle payments for six months.
The latest coronavirus aid package directs the SBA to make monthly principle and interest payments on behalf of borrowers, up to a limit of $9,000 per month, for six months. Existing borrowers who already received loan payment assistance in the first iteration of the CARES Act will only be entitled to an additional three months of payments, while those in industries the SBA deems to be underserved or in "hard-hit" will get an additional eight months. Hard-hit sectors include: food service, accommodations, arts, entertainment, recreation, education, laundry, and personal care services.
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