The Small Business Administration (SBA) is still defining its forthcoming emergency loans program, but it has revealed SBA-backed loans made before the stimulus bill's passage on Feb. 17 won't be eligible for loan relief.
The loan program, which is tentatively dubbed the "America's Recovery Capital" (ARC) loan program, is part of the stimulus bill and a provision Congress wrote into the bill explicitly prevents the new stabilization loans from being used to pay down SBA-backed loans made before the bill's enactment, according to CNNMoney.
Source:
CNNMoney: Emergency Biz Loans: What Qualifies
Related Content:
