This program will pay the monthly payments (including principal, interest and fees) on existing SBA 504, 7(a), Community Advantage, and Microloans that are current for a period of six months. Borrowers that qualify for this program will not need to do anything to take advantage of it as we will work with SBA to obtain payment. We do not know when these payments will start and if you can’t make upcoming payments, please contact your lender. At this time we do not have details on the program beyond this at this time, but we expect to learn about regulations in the coming days and will post updates when they are available.
- The SBA will also pay the principal and interest of new 7(a) loans issued prior to September 27, 2020.
- The SBA will pay the principal and interest of current 7(a) loans for a period of six months.
HCDC is working on compiling a list of lenders that are accepting PPP loan applications. Small businesses and sole proprietors can begin to apply on April 3rd and independent contractors and self employed individuals can apply April 10th through participating lending institutions.