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The COVID-19 EIDL program is NOT accepting new applications, increase requests, or reconsiderations. However, the SBA continues to offer other funding options for small businesses, including traditional SBA loans.
In February 2024, the SBA expanded the eligibility for our Hardship Accommodation Plan (HAP) to assist borrowers struggling with loan payments. This expansion includes borrowers who are not current on their loans, those already in default but not in Treasury Cross-Servicing, and those who have previously participated in HAP. If you were previously turned down for HAP, we encourage you to take advantage of these recent expansions and try again. You do not need to bring your loan current to enroll in HAP. If you do not make HAP payments, your loan will re-enter default and continue on the path to Treasury referral.
Due to the continued adverse effects of the pandemic, the SBA has provided a deferment period of 30 months from the date on the original Note for COVID-19 EIDL borrowers. This deferment does not apply to non-COVID disaster home and business loans and is effective for all COVID-19 EIDL loans approved in calendar years 2020, 2021, and 2022. Interest will continue to accrue on the loans during deferment.
For more detailed information about eligibility and how deferment impacts your future loan payment amounts, refer to SBA procedural notice 5000-830558 dated March 15, 2022.
Note: The 30-month COVID-19 EIDL deferment period will not be extended. COVID-19 EIDL loans are not forgivable.
Create an account in the MySBA Loan Portal to monitor your loan status and make payments.
You are responsible for your COVID-19 EIDL monthly payment obligation beginning 30 months from the disbursement date shown on the top of the front page of your Original Note. During this deferment period:
- You may make voluntary payments without prepayment penalties.
- Interest will continue to accrue on your loan.
- If you do not make voluntary payments during the deferment, a final balloon payment will be due at loan maturity.
Hardship Accommodation Plan (HAP)
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:
- All loans in repayment, including past-due loans, are eligible.
- Loans in default (more than 120 days late) are eligible unless they have been sent to the Treasury for extra collection steps (generally after being 180 days late).
Terms:
- Borrowers are required to pay a fixed percentage of their monthly payment amount. Payment reduction will vary based on past enrollment status.
- Borrowers can make larger payments voluntarily during the Hardship Accommodation period.
- The regular monthly payment amount will resume after the six-month period. Borrowers may renew the plan if necessary, with varying terms for renewals.
- Keeping up with payments is crucial. Missing payments during the help plan will result in default again, with serious consequences. Enrolling in autopay is recommended to avoid missing payments.
Enrollment:
- Borrowers are eligible to enroll in the Hardship Accommodation Plan beginning 60 days before their first payment due date.
For Loans ≤ $200,000:
- First-time Enrollment: Create an account or log in to the MySBA Loan Portal. Click “Loan Summaries” in the toolbar, then look for “Hardship Accommodation Plan” on the Loan Summary page and click “Learn more and enroll.”
- Renewals: Renew through the MySBA Loan Portal. If unable to renew through the portal, contact COVID-19 EIDL customer service (include Hardship Accommodation Plan in the email subject line), or send a message through the portal. A loan specialist will provide further instructions.
For Loans > $200,000:
- First-time Enrollment and Renewals: Contact COVID-19 EIDL customer service (include Hardship Accommodation Plan in the email subject line) or send a message through the MySBA Loan Portal. A loan specialist will provide further instructions.
The SBA offers free or low-cost counseling for small businesses through its national network of Resource Partners. These partners can help review your business plan, identify capital access opportunities, provide information on tax benefits, and more. Contact your local District Office for assistance or search for available resources in your area.
Request a Lien Subordination or Other Servicing Actions
COVID-19 EIDL Customer Service will provide the Application for SBA Consent form for requests such as:
- Subordination of the SBA lien to facilitate third-party financing
- Proposed change in ownership
- Proposed assumption
- Request for specific collateral release
For guidance on anticipated business closure or liquidation, send a message through the MySBA Loan Portal or contact COVID-19 EIDL customer service.
Audit Requirements for Non-Profit Borrowers
Non-profit COVID-19 EIDL borrowers who expended $750,000 or more in loan funds (and other Federal awards) in a single year are subject to the Single Audit Act requirements. These audit requirements apply only in the year the loan funds are spent, as there are no continuing compliance requirements. For more information, review 2 CFR 200, Subpart F or consult an accountant.
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