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SBA programs for small business relief
The OCC has issued Bulletin 2020-31 encouraging banks to consider providing loans under available SBA relief programs to small businesses.
- The Paycheck Protection Program (PPP), an expansion of the SBA’s 7(a) loan program, allows borrowers to obtain loans that are fully guaranteed by the SBA and that may be fully or partially forgiven if certain conditions are satisfied. The PPP is available beginning April 3, 2020.
- The Economic Injury Disaster Loan and Loan Advance Program expands the SBA’s existing disaster assistance loan program and waives certain requirements. Economic Injury Disaster Loans can provide a small business with a working capital loan of up to $2 million. In addition, small businesses may request a loan advance from the SBA of up to $10,000, which does not have to be repaid.
- The Debt Relief Program will pay the principal, interest, and fees for six months on existing 7(a) loans and new 7(a) loans originated before September 27, 2020.