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Section 108 Q&A for Borrowers Seeking Relief as a Result of Coronavirus

Date Published: April 2020

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Description

Many communities used Section 108 funds to make loans to businesses undertaking economic development projects. Some of these businesses are experiencing reductions in revenue due to the economic impact of coronavirus and are now requesting relief, e.g., forbearance on their payment obligations under their loans. Since repayments of the business loans are the intended source for repayment of the Section 108 loans, the ability of a community to grant relief to a business borrower may depend on the relief HUD can provide the community on the Section 108 loan. This document provides questions and answers describing actions that can be taken by HUD and communities to assist business borrowers experiencing economic distress as a result of coronavirus (COVID-19).

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Tags: CDBG Entitlement CDBG HUD Administered CDBG Insular Areas CDBG State COVID-19 Section 108
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  • HUD
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  • HUD Approved