BREAKING NEWS UPDATE
The $2 trillion economic stimulus package (the CARES Act) just signed in to law 3/27/20 includes 6 months of debt forgiveness for borrowers with existing SBA 504 loans. This is not a deferment, but actual debt forgiveness. For existing SBA 504 loans, all principal, interest, and fees are covered for 6 months. New loans that fund within the next 6 months will also have their principal, interest, and fees paid by SBA for 6 months, starting with the next payment.
If you are an existing Capital Access Group client, we want you to know that we have all hands on deck working to give you immediate relief as you find the best way to get your business through these difficult times. While the funds have been approved, the SBA is currently working to determine how the CARES Act (which includes Debt Forgiveness and the Paycheck Protection Program) will be implemented, and we do not yet have any guidance as to how the new programs will work, when they will be in place, or what will be required from borrowers.
PLEASE NOTE: Organizations stating that they know what the new system is and how it will work, are strictly speculating. That speculation may be well informed, based on the legislation, but please note that we will continue to provide updated information on this page as it becomes available.
Due to the very dynamic nature of this situation, programs and requisite information may change, but we will continue to post updates here as soon as new information becomes available. Please continue to check back here for the latest information. If you have any immediate concerns, please contact us at firstname.lastname@example.org.
In the meantime, to learn more about the programs and initiatives in the CARES Act, this Small Business Owner’s Guide to the CARES Act provides information about the major programs and initiatives that will soon be available from the Small Business Administration to assist business owners with whatever needs they have right now. When implemented, there will be many new resources available for small businesses, and this guide provides an overview of the programs.