SBA EIDL HARDSHIP PROGRAM

The SBA is offering a Hardship Plan for borrowers experiencing  financial challenges.

Eligible borrowers are required to pay at least 10% of their monthly payment amount for six months. 

Interest will continue to accrue, which may increase payments due at the end of the loan term.

Regular monthly payments  will be required after the six-month Hardship Program  period ends. 

Borrowers may be able to renew the Hardship Accommodation Plan after six months. 

The SBA Hardship Plan does not reduce the amount of money due the SBA for the EIDL loan, so at best the Hardship Plan is a temporary solution.

For many SBA EIDL borrowers a bankruptcy filing or an offer in compromise may be a better solution.

Jim Shenwick, Esq  

Please click the link to schedule a telephone call with me.

https://calendly.com/james-shenwick/15min

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Index of Articles written on SBA EIDL Loans by Jim Shenwick

 Defaulted SBA EIDL Loans, Limited Liability Company (LLC) and Cancellation of Debt Income (COD) under Section 108 of the Internal Revenue Code

https://shenwick.blogspot.com/2023/07/defaulted-sba-eidl-loans-limited.html

Offers In Compromise ("OIC") for Defaulted SBA EIDL loans and Section 108 of the Internal Revenue Code ("IRC"), Relief of Indebted Income, a Trap for the Unwary!

https://shenwick.blogspot.com/2023/05/offers-in-compromise-oic-for-defaulted.html

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