Are You In A Financial Hardship?
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Reduce Payment by 90%
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Stay Out of Treasury Collections
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Get Payments Back On Track
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Fast Approval Times
Apply For EIDL Hardship Accommodation Plan
The Small Business Administration (SBA) Economic Injury Disaster Loan (EIDL) program has been a lifeline for many small businesses during the COVID-19 pandemic.
However, some businesses are finding it difficult to repay their loans due to the ongoing financial impact of the pandemic. In response, the SBA has implemented a hardship accommodation plan to provide additional support to struggling businesses. Business Loan Advocates is a leading consulting firm that specializes in helping businesses navigate the complex world of government programs and grants. In this article, we will discuss the SBA EIDL hardship accommodation plan and how Business Loan Advocates can help businesses apply for it.
What is the SBA EIDL Hardship Accommodation Plan?
The SBA EIDL hardship accommodation plan is a program that allows businesses that are experiencing financial hardship due to the COVID-19 pandemic to modify the terms of their EIDL loans. The program offers several options to make loan repayment more manageable.
Overview:
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Borrowers are required to pay a fixed percentage of their monthly payment amount. Payment reduction will vary based on past enrollment status.
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During the Hardship Accommodation period, borrowers can voluntarily make larger payments.
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The regular monthly payment amount will resume and be required after the six-month Hardship Accommodation period ends. Borrowers may be able to renew the Hardship Accommodation Plan, if necessary. The terms may vary for renewals.
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It’s important to keep up your payments. If you choose this help plan but miss payments, your loan will be considered in default again. There are serious consequences for defaulting on government debt. SBA recommends enrolling in autopay to avoid missing a payment.
How Can Business Loan Advocates Help Apply?
We can assist businesses with:
Applying for the SBA EIDL hardship accommodation plan can be a complex and time-consuming process, especially for businesses that are already struggling to keep their doors open. That's where Business Loan Advocates comes in. Our team understands the ins and outs of the SBA EIDL program and can help businesses navigate the application process for the hardship accommodation plan.
1. Document preparation: We can help businesses gather and organize the necessary documents, such as financial statements, tax returns, and loan documents, to support their application.
2. Application submissions: We can help businesses submit their application to the SBA and ensure that all required information is included.
3. Follow-up and communication: We can help businesses communicate with the SBA throughout the application process, including following up on any additional information or documentation that may be needed.