ALSO COVERED:
May be forgiven vs. Will be forgiven
Is the interest forgivable?
What is the interest rate?
The federal government has created the Paycheck Protection Program under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Eligible business and individuals can borrow 2.5 x prior average payroll (up to $10 million) with no loan payments due for six months. If you maintain your workforce, the SBA will forgive 8 weeks of payroll plus certain other expenses
ALSO COVERED:
Eligibility and amounts available
How to get Loan Forgiveness
Applying for the loan and an advance
Resource are available to help including ways to replace your income and relief programs to help make your mortgage easier to manage. Start by identifying who owns your mortgage to determine the programs available to you.
ALSO COVERED:
Freddie Mac relief programs
Fannie Mae relief programs
How to request help from a bank or credit union