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During the height of the COVID-19 pandemic, the Small Business Administration (SBA) launched various loan programs, such as the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) program, to support businesses grappling with unprecedented economic challenges. These programs were lifelines for many, providing essential funds to keep businesses afloat. However, as we move forward, the SBA has started to collect on these loans, leading to new challenges and questions for borrowers.
The collection efforts by the SBA involve ensuring that borrowers repay the loans according to the terms agreed upon during the application process. Here’s what borrowers need to know:
The SBA’s collection efforts on COVID-19 loans mark an important phase in the economic recovery process. Be certain to understand the repayment process, stay organized, and seek professional advice to navigate this period successfully. By proactively managing loan obligations, you can not only comply with SBA requirements but also ensure continued financial health and stability in a post-pandemic world.
ABOUT THE AUTHOR
PARTNER
Lindsey joined Milgrom & Daskam in October 2022 and focuses her practice on business and corporate law. She supports clients in the handling of mergers and acquisitions, corporate formation and governance, commercial transactions, operational matters, and business development, amongst other corporate issues.
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Share Post: I am lucky enough to work with some extremely fantastic local businesses in Colorado. Our team works on all sorts of employment issues
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