For more detailed information about these programs and other services, borrowers can visit the SBA website at sba.gov. Small business owners are encouraged to utilize these opportunities and resources to stabilize and grow their enterprises. This initiative by the SBA is a testament to its commitment to supporting America’s small businesses, especially in these challenging times. These partners can assist small businesses in integrating loan repayments into their budgets, provide tax benefit information, and offer other counseling services. In addition to these measures, the SBA offers free or low-cost counseling through its national network of Resource Partners. These benefits include improved credit scores, eligibility for future government financial assistance, and in some cases, the avoidance of federal and private collection actions such as tax return withholding and wage garnishment. The SBA underscores the long-term benefits of maintaining good standing on these loans. Information and applications for these plans are accessible through the MySBA loan portal. These plans can significantly reduce monthly payments, sometimes to as low as $25 per month for the initial six months, with gradual increases over the subsequent years. The status of loans can be checked via the MySBA loan portal.įor those with COVID EIDL, the SBA is offering expanded hardship accommodation plans. The SBA encourages these borrowers to complete the PPP forgiveness application, a process that typically takes less than 15 minutes. Many can avoid default and its repercussions without having to repay the loan if they have met the payroll requirements. During this time, the SBA will pause escalating collection activities and focus on extensive outreach to ensure businesses are well-informed about their repayment options and the process for applying for loan forgiveness.įor PPP borrowers, this initiative is particularly significant. This period, which extends through March 3, 2024, is designed to help these businesses come into compliance and avoid the severe consequences of defaulting on a government loan. Starting from January 1, 2024, the SBA has introduced a 60-day goodwill exception period for COVID EIDL and PPP borrowers with loans under $100,000. In a move aimed at bolstering the financial health of small enterprises, the SBA has announced expanded flexibility for borrowers of COVID Economic Injury Disaster Loans (EIDL) and Paycheck Protection Program (PPP) loans. Notice: The Paycheck Protection Program (PPP) ended on May 31, 2021. Small Business Administration (SBA) has taken steps to assist small businesses grappling with the challenges of loan compliance and repayment in the wake of the pandemic. Use this form to apply for the Paycheck Protection Program (PPP) with an eligible lender for a First Draw loan.
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