Is the COVID-19 Recovery Loan forgivable?

No, the loans provided to small businesses through GNRC’s CARES Act RLF loan program are not forgivable.

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1. Is the COVID-19 Recovery Loan forgivable?
2. Can I apply if I already received an SBA EIDL or SBA PPP loan or any other federal, state, or local assistance to address business needs resulting from the pandemic?
3. Are the loans only for businesses?
4. Are start-ups eligible?
5. Why is GNRC targeting certain industries and demographic groups?
6. Is collateral required?
7. Are the payments fixed for the life of the loan?
8. May a business use the loan to refinance or consolidate other debt?