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Navigating EIDL Repayment: SBA Hardship Plan Unveiled

Navigating EIDL Repayment: SBA Hardship Plan Unveiled

Small business owners who utilized COVID-19 Economic Injury Disaster Loans (EIDL) from the SBA now face repayment challenges as deferment periods have ended. The EIDL Hardship Accommodation Plan offers a temporary solution by allowing businesses to pay just 10% of their monthly payment for six months. The program does not forgive interest, potentially leading to a balloon payment at the loan's term end. Businesses with loans under $200,000 can enroll through the MySBA Loan Portal, while those with larger loans must contact the COVID-19 EIDL Servicing Center. This plan won't impact credit reports, but borrowers with over $25,000 loans may have a UCC filing, affecting their ability to secure future loans. Aside from the hardship program, the SBA offers free counseling services to help businesses strategize during difficult times.

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