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------------------------------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 Codehttps://shenwick.blogspot.com/2023/07/defaulted-sba-eidl-loans-limited.htmlOffers 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-defau...
EIDL LOAN WORKOUTS AND BANKRUPTCY   https://shenwick.blogspot.com/2022/07/eidl-loan-workouts-and-bankruptcy....EIDL Loan Default Questions & Answers https://shenwick.blogspot.com/2022/10/eidl-loan-default-questions-answer...EIDL LOAN DEFAULT DOCUMENT REVIEW, WORKOUT, BANKRUPTCY FILING & OFFER IN COMPROMISEhttps://shenwick.blogspot.com/2022/07/eidl-loan-default-document-review....
EIDL Defaulted Loanshttps://shenwick.blogspot.com/2022/07/eidl-defaulted-loans.htmlNew 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.htmlEIDL LOANS and SBA OFFER IN COMPROMISE PROGRAMhttps://shenwick.blogspot.com/2022/07/eidl-loans-and-sba-offer-in-compro...PPP & EIDL Fraudhttps://shenwick.blogspot.com/2022/08/ppp-eidl-fraud.htmlBetter to connect-What small business owners need to know about repaying loans tied to pandemic relief from the SBA EIDL Loanshttps://shenwick.blogspot.com/2022/11/better-to-connect-what-small-busin...