Coronavirus financial stimulus package introduces dollar-for-dollar SBA 7(a) loan forgiveness
Included in the new $2 trillion emergency federal aid package to combat coronavirus is a restructuring of SBA loans to make them even more helpful for business owners. Small businesses can receive full or partial loan forgiveness if they meet certain criteria. First, the funds being forgiven must have been used to cover payroll, pay for utilities, rent, mortgage or existing business debt. Second, the business must retain all current employees until the end of June 2020. More coronavirus SBA loan updates here.