PHOENIX (3TV/CBS 5) -- Gov. Doug Ducey announced Monday that an agreement with Arizona banks will help protect small businesses and families from evictions and foreclosures due to COVID-19.
“We know many families and businesses are in need of immediate relief, and with April 1st fast approaching this agreement will help ensure no Arizonan loses their home or business at the end of the month,” Ducey said. “We have a long road ahead of us, and we’ll need the continued partnership of Arizona’s banks and landlords to help those facing economic loss because of COVID-19. I’m grateful to Arizona’s banks for stepping up during this time of need as part of Arizona’s all-hands-on-deck relief efforts.”
Gov. Doug Ducey announced Monday morning that Arizona schools will be closed until the end of the school year.
The agreement, according to a news release from the governor's office, includes banks expediting the application and approval of small business loans as part of the $349 billion Paycheck Protection Program that was passed by Congress 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," according to the press release.
Earlier Monday, Governor Ducey, along with Superintendent of Public Instruction Kathy Hoffman, announced that Arizona's public and charter schools will remain closed for the duration of the school year.