I was interviewed recently for a Hartford Business Journal article about how the ability to push off repayments from U.S. Small Business Administration’s Economic Injury Disaster Loan program will come to a close in October for the earliest borrowers.
The program kept many companies going through the pandemic, but the end of the 30-month deferral period may bring yet another challenge to battle-weary businesses.
Here is the full section of the article where I am quoted and cited as a source:
Bill Slattery, a partner with accounting and financial consulting firm Fiondella, Milone & LaSaracina LLP, said about 50 or more of his clients took advantage of the emergency loans. None have yet returned with worries about repayment.
Given the other challenges facing businesses and the SBA loans’ relatively generous terms, this new expense might not be high on the list of burdens, Slattery said.
“My honest opinion is if you hear an uproar, you will hear it a few months in,” Slattery said. “I honestly think it’s going to catch people by surprise. I think that’s coming down the road for sure. I don’t know if it’s going to be an uproar, but certainly it’s going to be an issue.”