TROY — Troy City Council’s Finance Committee approved a recommendation from city staff to authorize a three-month deferral of loan payments, both principal and interest, through July.

Troy City Council will consider the deferral of the loans at its next meeting, which is to be determined. The recommendation also will have emergency designation.

The deferral would apply for the city’s 28 Small Business Development and Community Development Block Grant loan holders. The loans would have a three-month extension to the life of the loan with no penalty. The deferment of payments will be at the borrower’s request.

Due to the state mandated closure of non-essential businesses on Monday and the March 15 closure of bars and dine-in restaurants, the staff recommended to defer all payments through July 31.

When asked if the deferment could be extended, Director of Public Service and Safety Patrick Titterington said he hoped the economic climate would improve by then, but council could also seek to extend the deferment if deemed necessary.

The following companies currently hold loans through the city of Troy: 1-Earth Graphics, ADM Real Estate Holdings, Adventures on the Great Miami, Mojos Bar and Grille, Haren’s Market, SmithFly, ReU Juicery, David C. Murray and Company; The Fit gym, P & C Ventures LLC, Integral Manufacturing, SK Mold and Tool, Canyon Run Engineering Technologies, Smith’s Boathouse Restaurant, Moeller Brew Barn, Troy Community Works, Four Sons Development, Keystone Real Estate Group and The Caroline.

The total amount of the three-month deferment if all 29 businesses participate is $67,395.65.