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First National Bank (FNB) is committed to supporting small businesses through the COVID-19 pandemic. The Coronavirus Aid, Relief and Economic Security (CARES Act) provides several relief funds for small businesses, including the Debt Relief Fund, which provides $17 billion to the Small Business Administration (SBA) to make payments on eligible SBA loans.

Through this fund, the SBA will make full payments, principal, interest and associated fees, for current and newly funded SBA Loans. The SBA payments are not a deferment. They act as if a borrower made the scheduled payment.

The SBA has initiated this process with banks and lenders. As a borrower, you do not need to take any action to receive benefits from the Debt Relief Fund.


Debt Relief Guidelines:

  • The SBA will make full principal and interest payments on all SBA 7(a), SBA 504, and SBA Express loans starting with the next payment due for existing and new borrowers.
  • An existing borrower NOT on deferment will receive six months of payments of P&I, and any fees associated starting with first payment due on or after March 28, 2020.
  • An existing borrower currently on deferment will receive six months of payments of P&I and any fees associated beginning with the next payment due on the loan after the deferment period.
  • New borrowers will receive six months of payments of P&I and any fees associated beginning with first payment due on the loan, but only new loans made within the first six months starting from the date of enactment (March 27, 2020).
  • A borrower may voluntarily end the approved deferment period early to begin the six-month period of SBA payments.


Debt Relief Eligibility:

  • Loans made under 7(a) program, including SBA Express and Community Advantage
  • For loans made under the 504 Program, the SBA will make the payment on the loan made by the Certified Development Company (CDC) only according to the information provided to us. If you need a deferment on the 1st Trust loan with FNB please reach out to your FNB Portfolio Manager.
  • Loans made by SBA microlender


Application of Payments:

  • The same as if borrower had made the payment.
  • If a borrower has made a payment since March 28, 2020, on an eligible loan and is current on the payments, the borrower has the option of applying that payment to the principal loan balance or receiving a payment refund.


If you have questions about your SBA loan, reach out to your Portfolio Manager or Business Development Officer. To learn more about other relief programs we are offering, please visit our website: fnb-online.com/landing/covid-relief-programs.