New Relief Program for SBA EIDL Borrowers Who are Having Difficulty Repaying EIDL Loans " Hardship Accommodation Plan"

 The SBA has announced a "Hardship Accommodation Plan" for EIDL loan borrowers.

New Relief Program for SBA EIDL Borrowers Who are Having Difficulty Repaying EIDL Loans " Hardship Accommodation Plan"

If approved, the Hardship Accommodation Plan will reduce the borrower’s payment to 10% of their monthly payment for six months, after which their regular monthly payment will resume unless they apply for, and receive, another six-month extension.

Loans under $200,000 can enroll in a hardship accommodation plan through their MySBA Loan Portal. For larger loans, they will need to call the Covid EIDL Servicing Center.

For businesses with Covid EIDL loans that are under $200,000, the SBA requires, along with an offer in compromise application, the most recent profit and loss statements, most recent balance sheet and the most recent three months of history for all business checking accounts, along with its most recent federal tax returns and any copies of a purchase agreement or dissolution documentation if sold or shut down.

This information will be used to  evaluate a borrower’s ability to repay the outstanding EIDL loan.

If outstanding EIDL SBA loans are not repaid the SBA can pursue the business's collateral, commence litigation, wage garnishment or intercept tax refunds.

Jim Shenwick, Esq. 917 363 3391   jshenwick@gmail.com

We help individuals & companies with too much debt!

FOR MORE BLOG POSTS ABOUT SBA EIDL LOANS SEE:

EIDL LOAN WORKOUTS AND BANKRUPTCY

https://shenwick.blogspot.com/2022/07/eidl-loan-workouts-and-bankruptcy.html

EIDL Loan Default Questions & Answers https://shenwick.blogspot.com/2022/10/eidl-loan-default-questions-answers.html EIDL LOAN DEFAULT DOCUMENT REVIEW, WORKOUT, BANKRUPTCY FILING & OFFER IN COMPROMISE https://shenwick.blogspot.com/2022/07/eidl-loan-default-document-review.html EIDL Defaulted Loans https://shenwick.blogspot.com/2022/07/eidl-defaulted-loans.html New Relief Program for SBA EIDL Borrowers Who are Having Difficulty Repaying EIDL Loans " Hardship Accommodation Plan" https://shenwick.blogspot.com/2023/05/new-relief-program-for-sba-eidl.html EIDL LOANS and SBA OFFER IN COMPROMISE PROGRAM https://shenwick.blogspot.com/2022/07/eidl-loans-and-sba-offer-in-compromise.html PPP & EIDL Fraud https://shenwick.blogspot.com/2022/08/ppp-eidl-fraud.html Better to connect-What small business owners need to know about repaying loans tied to pandemic relief from the SBA EIDL Loans https://shenwick.blogspot.com/2022/11/better-to-connect-what-small-business.html