On July 15, 2020, SBA published a request for information and a notice on the establishment of a new, temporary community advantage (CA) loan in response to the coronavirus pandemic. The new loans, titled “Community Advantage Recovery Loans” are designed for eligible CA Lenders to provide technical and financial assistance to assist small businesses in underserved areas who need to retool their business models for the COVID-19 pandemic. Additionally, SBA seeks comments on the new CA loan expansion.
The SBA-guaranteed loans will be available through Sept. 27, 2020 and must be fully disbursed no later than Oct. 1, 2020. Comments to the SBA are due Aug. 14.
Read the Federal Register notice and submit comments on the proposed rule here.