Current SBA Borrowers Forgiveness of Payments
The COTR will instruct the CSA (Guidehouse) to NOT apply an ACH debit to the borrower’s account to cover the loan payments due on April 1, 2020 for all 504 loans in regular servicing status. Under the CARES Act, SBA will pay the principal, interest and any associated fees that are owed on a 504 loan in a regular servicing status to the CSA within 30 days of April 1. SBA will continue to make these loan payments to the CSA for the 6-month period beginning April 1, 2020.
Current MEACO small business loan borrowers were notified by mail that they could ask for a 3-month deferment of Principal, Interest and Fees. The deferred payments are to be added to the end of the loan term.