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April 17, 2020

DEBT RELIEF PROGRAM - SBA PROCEDURAL NOTICE

On April 16th, the Small Business Administration (SBA) released the Procedural Notice for the Debt Relief program of the Coronavirus Aid, Relief, and Economic Security Act (CARES) Act. Under the Debt Relief program, the Small Business Administration will automatically cover payments on eligible loans, including principal, interest and “associated fees” for a period of six months. This Debt Relief program covers loans made under the SBA 7(a) and 504 loan programs, but does not apply to Paycheck Protection Program (PPP) loans.

The SBA Procedural Notice for this program outlines a strict protocol with critical dates that must be followed closely in order to ensure compliance. Holtmeyer & Monson will handle all details and reporting requirements of the Debt Relief program for our clients through our Portfolio Management department.

For your information, we have included a link to the SBA Procedural Notice for the Debt Relief Program.

As the premier Lender Service Provider in the industry, Holtmeyer & Monson is working diligently to keep you apprised of information as it becomes available. If you have questions, or are interested in our services, please contact Arne Monson at (800) 340-7304 or amonson@holtandmon.com.

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