REDC Loan Repayments starting Oct. 1, 2020
As we approach a new season, it is promising news to hear that NYC restaurants will be allowed to operate indoor dining at 25% come September 30, and that the COVID 19 infection rate is below 1%. More recently, as I walk through the many NYC neighborhoods that Renaissance serves, I see more people out and about supporting our local small business owners. Our communities are becoming vibrant again!
This comes after many challenging months, during which Renaissance staff have been working hard to serve you and all our clients with either debt relief or technical assistance. I hope that your business is now on the road to recovery.
As you are aware, the U.S. Small Business Administration (SBA) has been providing debt relief for your SBA loan for the last 6 months during the CARES Act. The CARES Act is ending September 27, 2020, and therefore, you will need to resume your regular SBA loan repayments starting October 1, 2020.
For those of you that requested loan deferments during COVID 19 for non-SBA loans provided by Renaissance, we placed those loans (or portions of loans) on 6 months of interest-only payments. The interest-only payment relief is also ending this month, and you will need to make your regular repayments starting October 1, 2020.
If you have any concerns regarding your repayments coming this October 1, 2020, please contact our Loan Servicing department at Loanservicing@renaissance-ny.org. We continue to be your advocate and community partner. Wishing you the best!