Understanding the CARES Act for Small Business

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by a professional from University of Illinois at Urbana-Champaign - College of Business
in 475 Half Day Rd, Lincolnshire, IL 60069, USA

6yrs ago

Understanding the CARES Act for Small Business

The CARES Act is meant to address the economic fallout of the 2020 coronavirus pandemic in the United States. Here's what we know for small businesses: redacted

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reply by a lender 6yrs ago
in Yorba Linda, CA, USA

Scott, that is definitely happening. All existing SBA borrowers and any new loans that are booked by 6/30/20 will not have to pay for 6 months of their P&I. It's not a deferment, the SBA will actually pay the banks the P&I payments on behalf of the small businesses. Unprecedented, like a lot of things in the CARES act.

reply by a professional 6yrs ago
from University of Illinois at Urbana in 475 Half Day Rd, Lincolnshire, IL 60069, USA

Heather is right - see Section 1112 of the bill's text: redacted