The SBA is offering a Hardship Accommodation Plan (HAP) for COVID-19 EIDL borrowers experiencing short-term financial challenges. Eligible borrowers may pay 10% of their usual payments for six months without needing to catch up on missed payments first. Borrowers will have the option to renew the plan after it concludes. Interest will continue to accrue, potentially increasing or creating a balloon payment due at the end of the loan term. Apply for HAP through the MySBA Loan Portal.
Eligibility, Terms, Enrollment, and more. Read the rest here.