New Stimulus Package Sba Debt Relief

The sba is providing a financial reprieve to small businesses during the covid 19 pandemic.

New stimulus package sba debt relief. You can now write off paid sick leave related to the coronavirus until. Congress has passed a new stimulus bill consolidated appropriations act of 2021 that contains many provisions designed to help small businesses that continue to struggle in the wake of the covid 19 pandemic. The sba will now make payments of principal and interest on existing loans for a minimum of an additional 6 month period beginning with the next payment due.

Because the stimulus doesn t allow the sba to issue more than 80 of funds in the first two waves of priority grants funds aren t expected to run out before then. Under the new law the sba is directed to make payments within 30 days of the date on which the first payment is due. Sba debt relief payments.

Extension of existing sba debt relief program. Extended paid sick leave tax credit. In addition to these three main programs the new stimulus bill would also provide the following relief to sba loan programs that are currently running.

Debt relief is automatic but you should check in with your lender. The act extends the principal and interest payments made by the sba for borrowers with existing sba loans not including ppp or eidl. Coons believes that this small business debt relief program although it is a small part of the new stimulus bill will offer 3 5 billion more of debt relief in the coming year.

Second stimulus package s relief for small businesses by stephen fishman j d. For more information about sba loan programs please visit the small business administration. It s already delivered 8 billion in support automatically to 320 000 small businesses all over the country he said.

Sba debt relief payment extensions. How do i get debt relief. The following is a summary of some of the provisions that will have a major impact.