The SBA announced today that they will only be paying 3 months of principal and interest payments on new loans approved by Sept 30th, 2021.

They had previously announced they would make first 6 months of payments until the money ran out.  Apparently, they expect the money to go quickly so they are reducing the payments to 3 months while the money lasts.

They are also reducing the amount of payments to be made for those who already have a loan. Best to contact your lender asap if you were counting on the SBA making more payments for you.

There was $3.5 billion set aside to make these payments as part of the Economic Aid Act passed on Dec 27, 2020.

Could be a push from lenders to add more funds to the kitty if it goes too quickly.  Stay tuned.

No changes to the temporary 90% Guaranty or the SBA loan fee waiver.