Tag: Borrowers

Relief to borrowers! Zee Business explains full benefits likely to be made available

© Provided by Zee Business

Loan Moratorium: The Government has filed an affidavit in the Supreme Court to provide relief to the loan borrowers. As per reports, the central government’s affidavit says that it will waive-off the interest on interest accrued during the extension period and is in mood to even provide relief to those who continued to pay their EMI even during the COVID-19 financial crisis and not just to to those borrowers who had availed EMI moratorium. Zee Business has reported that it will be a big relief to all loan borrowers who have taken loans up to Rs 2 crore and availed EMI moratorium benefit given by the Reserve Bank of India (RBI) during lockdown.

Highlighting the key points of the EMI Moratorium relief that is being explained in the Government affidavit, Zee Business exclusive report said, “The relaxation, in regard to interest on interest (compound interest)

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U.S. to Start Forgiving PPP Loans After Borrowers Complained

WASHINGTON—The Treasury Department said Tuesday it would begin forgiving loans granted to small-business owners under the Paycheck Protection Program, following banks’ and borrowers’ complaints that the process had been bogged down.

The government expects to approve and pay forgiveness requests by late this week or early next, a Treasury spokesperson said. The applications are generally expected to be approved quickly, with the exception of loans above $2 million that will get added scrutiny.

Business advocates, banks and lawmakers have raised concerns that the process of turning the loans into grants is too complex and slow under the $670 billion federal program, designed to help small businesses respond to the economic fallout of the pandemic with forgivable government-backed loans distributed through banks.

“The ultimate success of the program will depend on forgiveness, so small-business owners are eager to learn of [Treasury officials’] decisions,” said Kevin Kuhlman, senior director of government relations

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