PPP Forgiveness and COVID EIDL Hardship Accommodation Program

Event description

PPP Forgiveness and EIDL Hardship Accommodation Plan (HAP)

VIRTUAL Information Session on Important Updates to the Paycheck Protection Program (PPP) and COVID EIDL Hardship Accommodation Plan (HAP)

Please join the SBA North Carolina District Office, Wednesday April 18th 11:00 AM to 12:00 PM EDT,  for a VIRTUAL information session on important updates to the Paycheck Protection Program (PPP), PPP Loan Forgiveness instructions, and COVID Economic Injury Disaster Loans (EIDL) Hardship Applications.

April 19th, the SBA will begin referring any PPP loans under $100,000 that have not been forgiven to the U.S. Department of Treasury and the Internal Revenue Service for debt recovery and collections. There is still time to apply for forgiveness!

If you are referred to Treasury, you will be subject to additional fees, up to 32 percent of the unpaid principal balance, and debt collection actions such as wage garnishment. Once your loan is with Treasury, SBA may be unable to help, and you will need to work directly with Treasury to address your debts.

SBA is also offering a Hardship Accommodation Plan (HAP) for COVID-19 EIDL borrowers experiencing short-term financial challenges. Borrowers eligible for this plan may pay 10% of their usual payments for six months, without first catching up on missed payments. Borrowers will have the option to renew after the plan concludes. Interest will continue to accrue, which may increase (or create) a balloon payment due at the end of the loan term. Apply for HAP through the MySBA Loan Portal.

For More information on these program changes and steps to apply use the links below:

CLICK HERE to apply for loan forgiveness now at the SBA PPP Direct Forgiveness Portal

CLICK HERE for a Step-by-Step Guide to Use the Portal

Click HERE for information to Manage your EIDL | U.S. Small Business Administration (sba.gov)

We look forward to having you attend the event!