A Message from MWSBF : COVID-19 Stimulus Bill for Small Businesses

We congratulate our nation’s congressional leaders on coming to an agreement and passing a $2 trillion emergency spending bill to combat the economic impact of coronavirus. As we understand it, the bill includes approximately $350 billion aimed at helping small businesses weather the economic storm.  Two pieces of particular importance regarding the legislation include: $17 Billion for SBA payment of borrower principal, interest, and fees for a 6-month period beginning with the next payment due, for 504, 7(a) including Community Advantage, and Microloan borrowers. This is not a deferment but is actual debt forgiveness for the borrower. These SBA payments will be enacted by SBA automatically, so borrowers do not need to contact Mountain West. $325 Billion for the Payroll… Read More

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