{"id":255,"date":"2020-03-29T00:00:00","date_gmt":"2020-03-29T00:00:00","guid":{"rendered":"https:\/\/norrismclaughlin.com\/njelb\/2020\/03\/29\/inside-the-cares-act-loan-payment-subsidies-for-certain-loans-as-part-of-the-cares-act-of-2020\/"},"modified":"2020-03-29T00:00:00","modified_gmt":"2020-03-29T00:00:00","slug":"inside-the-cares-act-loan-payment-subsidies-for-certain-loans-as-part-of-the-cares-act-of-2020","status":"publish","type":"post","link":"https:\/\/norrismclaughlin.com\/njelb\/personnel-practices\/inside-the-cares-act-loan-payment-subsidies-for-certain-loans-as-part-of-the-cares-act-of-2020\/","title":{"rendered":"Inside the CARES Act: Loan Payment Subsidies for Certain Loans as Part of the CARES Act of 2020"},"content":{"rendered":"<p class=\"post_content\">In addition to the expansion of the Small Business Act\u2019s (\u201cSBA\u201d) business loan program and the SBA\u2019s disaster loan program, the\u00a0<a href=\"https:\/\/norrismclaughlin.com\/njelb\/1701\" target=\"_blank\" rel=\"noopener noreferrer\">Coronavirus Aid, Relief, and Economic Security Act (the \u201cCARES Act\u201d)<\/a> authorizes loan payment subsidies for certain loans.<!--more--><\/p>\n<h2 class=\"post_content\"><strong>SBA Loans Included in the CARES Act<\/strong><\/h2>\n<p class=\"post_content\">These loans include those (i) guaranteed by the\u00a0<a href=\"https:\/\/norrismclaughlin.com\/njelb\/439\" target=\"_blank\" rel=\"noopener noreferrer\">Small Business Administration (\u201cAdministration\u201d)<\/a> the SBA Business Loan Program (including the Community Advantage Pilot Program, but excluding the new payroll loan program established under Section 1102 of the CARES Act) or Title V of the Small Business Investment Act; or (ii) made by an intermediary to a small business concern using loans or grants received under the SBA\u2019s Microloan Program.<\/p>\n<p class=\"post_content\">The Sense of the Congress is that the Administration \u201cshould encourage lenders to provide payment deferments, when appropriate, and to extend the maturity of covered loans, so as to avoid balloon payments or any requirement for increases in debt payments resulting from deferments provided by lenders during the period of the national emergency\u201d with respect to COVID-19.<\/p>\n<section class=\"post_content\">\n<h2><strong>CARES Act Loan Payment Subsidies<\/strong><\/h2>\n<p>The subsidy includes the Administrator paying (on behalf of the borrower) the principal, interest, and any associated fees owed in a regular servicing status for loans made:<\/p>\n<ul>\n<li>before this CARES Act is enacted not on deferment, for the six-month period beginning with the next payment due;<\/li>\n<li>before this CARES Act is enacted that are on deferment, for the six-month period beginning with the next payment due after deferment; and<\/li>\n<li>within six months of enactment of the CARES Act, for six months after the first payment is due.<\/li>\n<\/ul>\n<p>Borrowers are encouraged to speak with their lenders regarding this subsidy.<\/p>\n<p>If you have any questions about this post or any other related matters, please feel free to email me at\u00a0<a href=\"mailto:mdslak@norris-law.com\">mdslak@norris-law.com<\/a>.<\/p>\n<p>We will be keeping you informed about the CARES Act of 2020 through this \u201cInside the CARES Act\u201d series on our\u00a0<em><a href=\"https:\/\/norrismclaughlin.com\/njelb\/1633\" target=\"_blank\" rel=\"noopener noreferrer\">Biz Law Blog<\/a><\/em>. For other topics related to COVID-19, visit our\u00a0<a href=\"https:\/\/norrismclaughlin.com\/njelb\/432\" target=\"_blank\" rel=\"noopener noreferrer\">Coronavirus Thought Leadership Connection<\/a>.<\/p>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>In addition to the expansion of the Small Business Act\u2019s (\u201cSBA\u201d) business loan program and the SBA\u2019s disaster loan program, the\u00a0Coronavirus Aid, Relief, and Economic Security Act (the \u201cCARES Act\u201d) authorizes loan payment subsidies for certain loans.<\/p>\n","protected":false},"author":111,"featured_media":256,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[96,2],"tags":[209,202,210,84],"coauthors":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.1 (Yoast SEO v22.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Inside the CARES Act: Loan Payment Subsidies for Certain Loans as Part of the CARES Act of 2020 - Norris in the Workplace<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/norrismclaughlin.com\/njelb\/personnel-practices\/inside-the-cares-act-loan-payment-subsidies-for-certain-loans-as-part-of-the-cares-act-of-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Inside the CARES Act: Loan Payment Subsidies for Certain Loans as Part of the CARES Act of 2020\" \/>\n<meta property=\"og:description\" content=\"In addition to the expansion of the Small Business Act\u2019s (\u201cSBA\u201d) business loan program and the SBA\u2019s disaster loan program, the\u00a0Coronavirus Aid, Relief, and Economic Security Act (the \u201cCARES Act\u201d) authorizes loan payment subsidies for certain loans.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/norrismclaughlin.com\/njelb\/personnel-practices\/inside-the-cares-act-loan-payment-subsidies-for-certain-loans-as-part-of-the-cares-act-of-2020\/\" \/>\n<meta property=\"og:site_name\" content=\"Norris in the Workplace\" \/>\n<meta property=\"article:published_time\" content=\"2020-03-29T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/norrismclaughlin.com\/njelb\/wp-content\/uploads\/sites\/6\/2022\/12\/stack-of-hundred-money.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1536\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Milan D. 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