Whether it’s for your family room, the family car, or a family vacation.
ALL existing SBA 7(a) loans approved by SBA before March 27, 2020 will get 3 more months of payments (February 1, March 1, and April 1) made by SBA. The payments will be subject to a $9,000 cap per loan.
Resumes the payment of principal and interest (P&I) on small business loans guaranteed by the SBA under the 7(a), 504 and Microloan programs, established under Section 1112 of the CARES Act.
Provides that all borrowers with qualifying loans approved by the SBA prior to the CARES Act will receive an additional three months of P&I, starting in February 2021. Going forward, those payments will be capped at $9,000 per loan.
ALL existing SBA 7(a) loans approved by SBA before March 27, 2020 will get 5 more months of payments on top of the 3 mentioned above (May 1, June 1, July 1, August 1, and September 1) made by SBA, if their business has a NAICS code mentioned below. The payments will also be subject to a $9,000 cap per loan.
After the 3-month period described above, borrowers considered to be underserved – i.e., the smallest and hardest hit by the pandemic, will receive an additional 5 months of P&I payments, also capped at $9,000 per loan per month.
Borrowers with SBA microloans or 7(a) Community Advantage loans
Borrowers with any 7(a) or 504 loan in the hardest hit sectors, as measured by the severity of sector-wide job losses since the start of the pandemic, including all those belong to 2 and 3 digit NAICS categories with the most severe job losses since the start of the pandemic:
Accommodations and food services (72)
Arts, entertainment, and recreation (71)
Educational services (61)
Mining and logging (213)
Clothing and clothing accessory stores (448)
Sporting goods, hobby, book, and music stores (451)
Air transportation (481)
Transit and ground passenger transportation (485)
Scenic and sightseeing transportation (487)
Publishing industries, except internet (511)
Motion picture and sound recording industries (512)
Broadcasting, except internet (515)
Rental and leasing services (532)
Personal and laundry services (812)
If SBA projects that appropriations provided for the debt relief program are insufficient to fund the extensions provided, the Administrator may proportionally reduce the number of months provided in each extension.
If your monthly loan payment exceeds $9,000, your Legence Bank Servicing Officer will contact you to discuss how billing will be handled for the excess amount.
In summation, if all funds are exhausted – all payments may not be made to the borrower.