SBA Hardship Accommodation Plan – Smart Cash Brokers

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SBA
Hardship Accommodation Plan

Find Relief with SBA’s Hardship Accommodation Plan If you have an eligible COVID-19 Economic Injury Disaster Loan (EIDL), you may qualify for reduced payments for six months. Take control of your finances—explore your options and enroll today!

What is the SBA Hardship Accommodation Plan (HAP) for EIDL Borrowers?

Facing financial hardship can be overwhelming, but the SBA Hardship Accommodation Plan (HAP) is here to help. Specifically designed for COVID-19 Economic Injury Disaster Loan (EIDL) borrowers, this plan offers a temporary solution to ease your financial burden.

Eligible borrowers can reduce their payments to just 10% of the usual amount for six months, providing much-needed flexibility during difficult times. Whether you’re behind on payments or need relief from future obligations, the HAP is designed to give you the breathing room necessary to get back on track.

Who Is Eligible for the SBA Hardship Accommodation Plan (HAP)?

The SBA Hardship Accommodation Plan (HAP) is available to a broad range of COVID-19 EIDL borrowers. You may qualify if your loan is in repayment, even if it’s past due or in default. Specifically, this program is open to:

Loans in Repayment

Including those that are past due.

Loans in Default

Loans that are more than 120 days late but have not yet been sent to Treasury collections.

Loans Not Transferred to Treasury

Loans that have not yet been sent for further collection actions.

Understanding the SBA Hardship Accommodation Plan Terms

The SBA Hardship Accommodation Plan provides immediate financial relief for eligible COVID-19 EIDL borrowers. Here’s what you need to know:

Reduced Payments

Lower your payments to 10% of the usual amount for six months.

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Let Smart Cash Brokers Guide You Through the Enrollment Process

Navigating the SBA Hardship Accommodation Plan enrollment can be complex, but you don’t have to do it alone. At Smart Cash Brokers, we specialize in helping business owners successfully enroll, ensuring you take the right steps based on your unique situation.

If your loan amount is $200,000 or less:

Reach out to Smart Cash Brokers for personalized guidance on setting up your MySBA Loan Portal account.
We will walk you through the Loan Summaries section and help identify the Hardship Accommodation Plan option.
Our team ensures you complete the enrollment process correctly, avoiding common mistakes that could delay relief.

If your loan amount exceeds $200,000:

Frequently Asked Questions

Get the answers to your most common queries regarding our companies and services to get a smooth start.

What is the SBA Hardship Accommodation Plan?

The SBA Hardship Accommodation Plan (HAP) allows COVID-19 EIDL borrowers to temporarily reduce loan payments to 10% of their regular amount for six months.

Who is eligible for the Hardship Accommodation Plan?

Borrowers with COVID-19 EIDL loans that are in repayment, including those that are past due or in default but not yet transferred to Treasury collections.

How long can I make reduced payments?

The reduced payment period lasts six months. After that, borrowers may request a renewal if they still need assistance.

Will interest continue to accrue during the hardship plan?

Yes, interest will continue to accrue on your loan, which may lead to a larger payment at the end of the loan term.

Can I pay more than the reduced amount?

Yes! You can voluntarily make larger payments during the accommodation period to reduce future costs.

How do I apply for the SBA Hardship Accommodation Plan?

Borrowers with loans $200,000 or less can enroll through the MySBA Loan Portal, while those with loans above $200,000 must contact the SBA directly.

What happens after the six-month period ends?

After six months, regular loan payments resume unless you request and qualify for an extension.

Can I enroll if my loan is already in default?

Yes, loans past due or in default (up to 120 days late) may still qualify. If transferred to Treasury collections, other arrangements must be made.

What if I miss a payment during the hardship plan?

Missing a payment could impact your eligibility for continued assistance and may result in further collection actions.

How can Smart Cash Brokers help with my application?

Smart Cash Brokers provides expert guidance to help you navigate the enrollment process, avoid common mistakes, and ensure your application is handled smoothly.

Get the funding you need—Apply for an SBA loan today!

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