COVID-era programs

SBA can help small businesses handle short-term financial difficulties. SBA allows eligible COVID-EIDL borrowers to reduce their payments by 50% for six months. To apply, borrowers can request this help through SBA’s loan portal. Eligible borrowers can take advantage of this program once every five years.

At this time, all eligible COVID EIDL loans can apply for payment assistance through the SBA Loan Portal.

For loans initially approved exceeding $200,000, SBA is working diligently to give you the ability to request help through SBA’s loan portal. Until then, if you need assistance with a larger loan, please email your request to [email protected].

Eligibility:

• Loan must be less than 90 days past due at the time of the request
• Loan must be in current status
• The business must be actively open and operating
• The borrower and all owners must not be subject to active bankruptcy proceedings
• Requesting due to a temporary financial difficulty or cash flow issue rather than a long-term challenge

Please note:

• If you are currently participating in payment assistance, you will continue in the program for the duration of your current enrollment period
  • After this period is complete, you are required to resume full payments
• The following actions are required by law:
  • Treasury Bureau of Fiscal Service Offset Program (TOP): If you fail to make payments under SBA’s payment assistance or on their regular loan, your account may be referred to TOP after reaching 120 days of delinquency.
  • Treasury Bureau of Fiscal Service Cross-Servicing Program (CSP): Loans that meet specific delinquency eligibility requirements will also be transferred to the CSP. Once referred to CSP, these loans are no longer serviced by the SBA. The SBA will not be able to assist you, and you must contact the Treasury Bureau directly at 800-289-7388.
• If your loan is currently in charged-off or uncollectible status, but not yet been referred to Treasury cross-servicing, and you wish to restore it to good standing, please
  • Log into SBA’s loan portal to submit a payment for the full overdue balance
  • Reach out to [email protected] to request the reinstatement of your loan to current status, after the payment has been processed
• If the payment assistance is approved, interest is not waived during your six-month reduced payment period, and interest will continue to accrue on the outstanding loan balance
  • This will result in an increased balloon payment at the end of our loan term

For assistance with locating a Resource Partner to help review your business plan, access capital, or address other counseling services, contact your local District Office or search to see what is available in your area.