SBA's Hardship Accommodation Plan - Palma Financial

The U.S. Small Business Administration (SBA) has announced a new Hardship Accommodation Plan to help COVID-19 Economic Injury Disaster Loan (EIDL) borrowers facing financial challenges. In this listicle, we’ll break down the plan’s key features and explain how you can take advantage of it:

  1. Reduced Payments for Six Months: Eligible borrowers can enroll in the plan and enjoy reduced payments for a six-month period. The plan can provide much-needed relief for businesses facing financial difficulties.
  2. Minimum Payment Requirement: To participate in the plan, borrowers must pay at least 10% of their monthly payment (with a $25 minimum) for six months, which ensures that borrowers are still making progress towards paying off their loans while also allowing for reduced payments during a challenging time.
  3. Flexibility to Make Larger Payments: During the six-month Hardship Accommodation period, borrowers can choose to make larger payments. The idea is to help them repay their loans faster and get back on track financially.
  4. Enrollment Process: To enroll in the Hardship Accommodation Plan, borrowers can do so 60 calendar days before their first payment due date. Enrollment provides a straightforward process for borrowers who need relief from their loan payments.

If you’re an EIDL borrower facing financial hardship, enroll in the plan and enjoy reduced payments for six months. And if you need help navigating the complexities of the business world, schedule an appointment with us today. We’re here to help you take your business to the next level.

P.S. Before filing your 2022 tax return, it’s always a good idea to get a second opinion. If you respond to this email, I would be happy to provide you with a review and estimate of how much you can potentially save for the 2022 tax year. Don’t wait; take action now.