As of March 19, the federal Small Business Administration (SBA) has ended its Hardship Accommodation Plan (HAP) for COVID-19 Economic Injury Disaster Loans (EIDL). Those seeking the one-time-only option will need to provide a written explanation of a temporary financial hardship. For more information, contact the SBA COVID EIDL Customer Service Center by email at CovidEIDLServicing@sba.gov or by phone at 1-833-853-5638.
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The program allowed EIDL holders to pay just 10 percent of their typical monthly payment – for example, a monthly loan of $10,000 would only be $1,000 – to provide near-term financial relief. The aim of the program was to help small businesses amid the pandemic’s financial challenges.
A 2023 survey conducted by CIVITAS in partnership with NAFCC found that 51% of surveyed family care providers had an EIDL.
A blog post on CIVITAS Strategies’ website noted that the SBA had sent an email about a new, one-time-only six-month payment assistance option for certain borrowers. Eligibility criteria for that option includes:
- Never having enrolled in HAP
- Being less than 120 days past due
- Not being in charged-off status
The CIVITAS Strategies blog post noted that this option could not be confirmed on the SBA website.
