Under the CARES Act, SBA 504 loan payments are being made for existing 504 borrowers for six months from April 1st to September 1st of 2020. This information refers to 504 borrowers whose loan closed in or prior to March of 2020. Just a reminder to these borrowers, your regular payments will begin again on October 1, 2020.
For 504 loans closed after April 1, 2020, your Payment Forgiveness dates will be slightly different. You will receive notices from FDDC when your payment status changes.
We have received many calls about new projects that wish to qualify for a 504 loan and receive Payment Forgiveness. While the date listed in the CARES Act states loans must fund prior to September 27, 2020, this deadline is no longer attainable. SBA 504 loans have to be submitted for closing by August 7, 2020, to make the September funding date. One week is not enough time to approve and close an SBA 504 loan.
If any additional assistance becomes available or previous deadlines change in a new stimulus package, FDDC will notify borrowers and lenders immediately.