Loan Modifications for Small Biz in a Pandemic

Are Loan Modifications For Small Businesses a Possibility in the COVID-19 Pandemic?Are Loan Modifications for Small Businesses a Possibility in the COVID-19 Pandemic?

National Community Reinvestment Coalition

First published February 2021

The federal government’s Paycheck Protection Program provided forgivable loans to help businesses survive the COVID-19 economic collapse. But that wasn’t enough. About four million small businesses closed permanently in 2020, and many needed other options, like modifications to outstanding loans and credit card debt. New research from the National Community Reinvestment Coalition (NCRC) found that Black and Latino small business owners had less access to those options than White small business owners.

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