What is the maturity for loans with a remaining balance after application for forgiveness?

FAQ Answer

With respect to a covered loan that has a remaining balance after reduction based on the loan forgiveness amount under section 1106 of the CARES Act:

1)  The remaining balance shall continue to be guaranteed by the SBA; and

2)  The covered loan shall have a maximum maturity of 10 years from the date on which the borrower applies for loan forgiveness.

FAQ Weight
14