Agency / Department: State of Arizona
Resource: Business Loan and Foreclosure Relief
Details: Governor Doug Ducey today announced a cooperative agreement with the state’s banks to protect small businesses and families from eviction and foreclosure. Banks also committed to expediting the application and approval of small business loans as part of the $349 billion Paycheck Protection Program passed by Congress and signed into law last week. Under the agreement, banks are suspending evictions and foreclosures for at least 60 days, with the potential to extend that period for the duration of the state’s emergency declaration. Additionally, most banks have adopted a payment deferral program for business loans under guidance from banking regulatory agencies, and many banks are working directly with consumers on payment deferrals for certain consumer loans.