- Addendum to RLF Regulations
Due to the COVID-19 Pandemic, it may be necessary to allow for moratoria on current EDA loans. The following policies will be in place to allow for this:
- Loan holders that have been impacted by the COVID-19 Pandemic are eligible to receive a two (2) month deferment upon approval.
- The monthly payments will be deferred for two (2) months.
- Interest will continue to accrue during this two (2) month period.
- Late fees will not be assessed during this two (2) month period.
- In order to be eligible for this deferment, the following information will be required:
- Written explanation of the impact the COVID-19 Pandemic has had on the business (layoffs, decline in business, closure, etc.)
- Upon approval, a letter will be e-mailed to the loan holder with the start and end date of the deferment period. At the conclusion of the deferment period, regular invoices will resume with the required monthly payment due.