All SBA 504 loans will have their payments made via the CARES Act starting April 1, 2020. Six consecutive payments will be made, and the loan will be paid to current as of September 1, 2020. You will begin making monthly payments again on October 1, 2020.
New loans funding in April, May, June, July, August and September 2020 will automatically have their first 6 months of loan payments made for them.
This is NOT a loan deferral. This is a total forgiveness of the debt payments for six consecutive months.
This is an automatic occurrence and you do not need to complete any additional paperwork.
Your credit will NOT be adversely affected by this program.
If you have any questions, please contact Carla Platipodis at email@example.com.