The Small Business Administration (SBA) is offering a COVID EIDL (economic injury disaster loan) hardship accommodation plan for qualified borrowers facing financial difficulties.
This plan can provide assistance for up to six months and is available to those with loans of up to $200,000 and those with loans over $200,000.
If your COVID EIDL loan is up to $200,000, you can access the hardship accommodation plan through the Capital Access Financial System (CAFS) by clicking the red hardship accommodation plan button on your profile.
If your COVID EIDL loan is over $200,000, you can set up an arrangement by emailing email@example.com.
Under the Hardship Accommodation Plan, borrowers will be required to pay 10% of their monthly payment amount, with a minimum payment of $25.
This reduced payment will apply for a period of six months, during which interest will continue to accrue, potentially resulting in a balloon payment at the end of the loan term.
Borrowers may choose to make larger payments if they wish, and they may request to have the Hardship Accommodation Plan renewed if necessary.
Look for the “Enroll in Hardship Accommodation Plan” button in the billing section of the Capital Access Financial System (CAFS) dashboard.