Like you, we are anxiously awaiting Congress and the President to approve an additional COVID relief bill. This important next step is one we’ve been anticipating since August, with no definitive decision to date.
Please understand, there has been a significant amount of back and forth, and, although nothing is currently set in stone, there are possibilities for the following:
- 1112 payments to SBA 7(a) loans may be made available to give SBA borrowers an additional 3-6 months of P&I payments
- Additional PPP funding may be available for businesses that show a revenue decline of 30% in any one quarter
- A more streamlined amount of forgiveness would be available for loans up to $150,000 (up from $50,000)
Thank you for understanding that we cannot give you further guidance beyond what’s in this message today, as the situation is still in flux. In many instances, we have indicated there is no sense of immediate urgency due to deferment of filing information that has been previously been enacted by the SBA. We appreciate your patience, and will give you specific guidance as it becomes available.
All up to date and current information as defined by the SBA is in the portal.
Regards,
Newtek Business Finance Solutions
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