SBA Introduces 60-Day Goodwill Exception Period, Expands Hardship Accommodation Plans
Good news for small businesses! The U.S. Small Business Administration (SBA) is making things easier for COVID EIDL and PPP borrowers. If you have a loan under $100,000, there's a 60-day goodwill exception period until March 3, 2024. During this time, the SBA won't escalate collections, helping businesses get back on track.
For PPP borrowers, completing the forgiveness application can prevent default. Check your loan status on the MySBA portal. If unsure, apply for forgiveness ASAP.
Reach out to SBA's forgiveness call center at 877-552-2692 for assistance.
COVID EIDL borrowers must repay, but the SBA offers hardship plans, lowering monthly payments.
Apply through the MySBA portal or contact COVID-19 EIDL Customer Service at 833-853-5638.
For additional support, reach out to COVID-19 EIDL Customer Service through phone (833-853-5638, TTY:711), email (COVIDEIDLServicing@sba.gov), or by messaging through the MySBA portal. The service is available Monday through Friday from 8:00 a.m. to 8:00 p.m. ET.
All borrowers can get free or low-cost counseling through SBA's Resource Partners. The SBA is committed to supporting small businesses. For more info, visit sba.gov.
About SBA: The U.S. Small Business Administration helps make the dream of business ownership a reality. They empower entrepreneurs with resources and support for starting, growing, or recovering from disasters.
Learn more at www.sba.gov