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Repayment Extension Granted by the SBA

Question: FAQ #31 reminded borrowers to review carefully the required certification on the Borrower Application Form that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.” SBA guidance and regulations provide that any borrower who applied for a PPP loan prior to April 24, 2020 and repays the loan in full by May 7, 2020 will be deemed by SBA to have made the required certification in good faith. Is it possible for a borrower to obtain an extension of the May 7, 2020 repayment date? Answer: SBA is extending the repayment date for...

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U.S. Small Business Administration (SBA) offering disaster assistance in response to COVID-19 

The Coronavirus Preparedness and Response Supplemental Appropriations Act (the Act) that passed on March 6, 2020 allows small businesses that have suffered substantial economic injury as a result of COVID-19 to apply for low-interest federal disaster loans through SBA. Small businesses and nonprofits can apply for working capital loans of up to $2 million.  The following are key details of the Act as it pertains to the low interest rate loans.  You can also learn more by visiting the COVID-19 disaster assistance page on SBA’s website.  State governors must first request access to the Economic Injury Disaster Loan program. Once the declaration is made, information on the application process for disaster loan assistance will...

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