On February 16, 2021, SBA issued Procedural Notice 5000-20095 detailing reduced debt relief benefits to 7(a), 504, and Microloan Programs due to insufficiency of funds. Congress appropriated $3.5 billion to carry out extended CARES Act Section 1112 payment subsidies...
The Economic Aid Act passed by Congress and signed into law at the end of December provides benefits to small business borrowers with SBA loans. The Act provides additional funding for the PPP loan program, rescinds the Tax Implications that previously applied to PPP...
On April 1st, 2020, Bay Colony Development Corp. notified its SBA 504 loan borrowers that their scheduled April 504 2nd mortgage loan payment would be paid by SBA rather than debited from their account. The notice continued “Under the CARES Act, SBA will pay the...
During these difficult times, we love seeing stories of our borrowers giving back. Frog and Toad located in Providence RI is a local gift shop that even though their brick and mortar stores are closed, are finding a way to give back to their community. They have...
Update 4/10/2020: Please refer to the SBA and Treasury websites for the latest program guidelines, as there have been updates almost daily to the program parameters. The Small Business Administration and the Treasury Department have released details on how Borrowers...
Small Business Assistance Loans via Stimulus Bill We congratulate our nation’s congressional leaders on coming to an agreement and passing a $2.2 trillion emergency spending bill to combat the economic impact of coronavirus. As we understand it, the bill...
