This page will be updated continuously to reflect the most recent information. This page was last updated on February 2, 2021.
Overview
On December 27, 2020, the Coronavirus Response and Relief Supplemental Appropriations Act (“COVID relief law”) was signed into law, extending regulatory relief for banks and credit unions to encourage continued lending to households and small businesses.
- Overview of relevant provisions in the CARES Act
- Guidance on the SBA's Paycheck Protection Program: banks and credit unions that already provide SBA loans are authorized to provide new PPP loans. Click here to learn more.
- Guidance on the SBA's debt relief program: small businesses may be eligible for debt relief for existing SBA loans (such as a 7(a), 504, or microloan) or loans taken out within 6 months after the CARES Act is enacted. Click here to learn more.
- Guidance on regulatory relief: Financial institutions may be offered temporary regulatory relief to banks and credit unions in order to encourage them to continue to lend to households and businesses, and to modify existing loans for borrowers facing economic hardship. Click here to learn more.
For updated guidance for small businesses applying for these federal resources, click here.
