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Can financial institutions provide payment accommodations to borrowers whose loans are guaranteed by the Small Business Administration (SBA)?

October 5 2020 11:19 pm

Financial institutions can provide payment accommodations that modify, extend, suspend, or defer the repayment terms on SBA-guaranteed loans to borrowers affected by COVID-19. While the majority of payment accommodations do not require SBA approval, financial institutions should determine what types of modifications require the SBA’s approval. More information regarding the SBA’s programs is available on the SBA website.