Attached is the summary of the bicameral bipartisan negotiation (with several placeholders for liability & state/local funding) that has been discussed in the press over the last week. Negotiations on state and local funding and liability continue.
Key Elements from lenders:
- $300b for the SBA, to be divvied up between the various programs (PPP, EIDL, 7a)
- Simplified forgiveness for loans under $150k (likely the Cramer bill version)
- PPP deductibility fixed
- Sec. 1112 extension from CARES Act to pay for existing SBA 7a and 504 loan payments of principle, interest and fees
- Funding for SBA 7a and 504 to increase loan guarantees, reduce fees and provide subsidies.
- Extension of student loan forbearance provisions created in CARES and extended by Executive Order, from the current expiration date of January 31, 2020 through April 30, 2021
- Provide an eviction moratorium until end of January 2021