The Economic Aid Act enacted December 27, 2020 expanded the eligibility of payment subsidies for 7(a) and 504 loans under Section 1112 of the CARES Act.
To better assist our lending partners in understanding the expanded eligibility for Section 1112 payment subsides, NADCO (National Association of Development Companies) has created a flow chart (click here).
It is our understanding that SBA will be mailing out the following letters to SBA borrowers as well explaining the Section 1112 Payments as well.
Click here for sample letter.