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SBA EIDL Hardship Accommodation Plan
SBA is offering a Hardship Accommodation Plan for borrowers experiencing short-term financial challenges. Borrowers eligible for this plan may make reduced payments for six months. Interest will continue to accrue, which may increase (or create) a balloon payment due at the end of the loan term. Borrowers are required to pay at least 10% of their monthly payment amount (with a $25 minimum), for six months.
During the Hardship Accommodation period, borrowers can voluntarily make larger payments.
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.
Borrowers are eligible to enroll in the Hardship Accommodation Plan beginning 60 calendar days before their first payment due date and their loan amount is less than or equal to $200,000. If your loan amount exceeds $200,000, you should contact the COVID-19 EIDL Servicing Center at 833-853-5638 or disastercustomerservice@sba.gov (and include “Hardship Accommodation Plan” in the subject line). You will be contacted by a loan specialist regarding requirements.
To enroll in the Hardship Accommodation plan, enroll or login to the MySBA Loan Portal (lending.sba.gov). Within the portal, click “Loan Summaries” in the toolbar. On the Loan Summary page, look for “Hardship Accommodation Plan” in the bottom right corner. Click “Learn more and enroll.”
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