Santa Cruz SBDCAptos, CA

Bipartisan Emergency COVID Relief Act of 2020

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.

Additional Points:

  • 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

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Funded in part through a cooperative agreement with the U.S. Small Business Administration. All opinions, conclusions or recommendations expressed are those of the author(s) and do not necessarily reflect the views of the SBA or HSU Sponsored Programs Foundation.