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New SBA Guidance on Section 1112 Debt Relief Program for SBA 7(a) Loans

Valuable FAQ to help you understand Section 1112 Payments

On March 27, 2020, the Coronavirus Aid, Relief and Economic Security (CARES) Act was enacted to provide emergency and immediate national economic relief and assistance to small businesses and others to alleviate economic hardship created by the COVID-19 pandemic.

 

Under Section 325 of the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (Economic Aid Act), enacted December 27, 2020, Congress amended Section 1112 to authorize a second round of Section 1112 payments, which will cover the principal, interest and associated fees that borrowers owe on covered SBA 7(a), 504 and Microloan loan programs, subject to funds availability.

 

We understand you may have some questions, and we are here to help. Please find helpful FAQ to address payments authorized for SBA 7(a) loans under the amended Section 1112 of the Economic Aid Act.

 

Economic Aid Act Section 1112 FAQ

 

We value your business and are committed to supporting you through this challenging time. Should you have questions, please contact your Cadence Bank Relationship Manager.

 

 

 

 

 

 

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