What is the SBA EIDL Hardship Accommodation Plan?
The SBA EIDL hardship accommodation plan is a program that allows businesses that are experiencing financial hardship due to the COVID-19 pandemic to modify the terms of their EIDL loans. The program offers several options to make loan repayment more manageable, including:
-
Extending the Loan Term
The SBA may extend the loan term for up to 30 years, which can reduce the monthly payment amount and make it easier for businesses to repay their loan.
-
Interest-only Payments
Businesses may be eligible for a period of interest-only payments, which can reduce the monthly payment amount and provide businesses with some relief as they work to recover from the pandemic.
-
Deferral of Payments
Businesses may be eligible for a deferral of payments for up to one year, which can provide some breathing room as businesses work to recover from the pandemic.
-
Reduction of Balance
Offer and compromise. Businesses may be eligible for a deferral of payments for up to one year, which can provide some breathing room as businesses work to recover from the pandemic
How can Legal Group Services LLC help businesses apply for the SBA EIDL Hardship Accommodation Plan?
Applying for the SBA EIDL hardship accommodation plan can be a complex and time-consuming process, especially for businesses that are already struggling to keep their doors open. That's where Legal Group Services LLC comes in. Our team understands the ins and outs of the SBA EIDL program and can help businesses navigate the application process for the hardship accommodation plan. We can assist businesses with:
-
Document Preparation
We can help businesses gather and organize the necessary documents, such as financial statements, tax returns, and loan documents, to support their application.
-
Application submissions
We can help businesses submit their application to the SBA and ensure that all required information is included.
-
Follow up and communication
We can help businesses communicate with the SBA throughout the application process, including following up on any additional information or documentation that may be needed.
Why choose Legal Group Services LLC?
Legal Group Services LLC has a proven track record of helping businesses navigate the complex world of government programs and grants. Our team of experienced consultants understands the challenges that businesses are facing during the COVID-19 pandemic and is dedicated to helping them access the support they need to survive and thrive. We provide personalized service and attention to every client, ensuring that their unique needs are met and their application is as strong as possible. If you're a business owner who is struggling to repay your EIDL loan, contact Legal Group LLC today to learn how we can help you access the support you need to survive and thrive?