What's the deal with EIDL Forgiveness?

Let's talk about EIDL loan forgiveness. A lot of small business owners are asking if they can wipe out their EIDL loan balance, and I'm here to clear up the confusion. First, here's the reality. EIDL loans are not like PPP loans. They were designed as low-interest disaster loans to be repaid over time, not forgiven. There's no built-in forgiveness program for EIDL loans yet, but keep listening for more details of our upcoming plan of attack. But don't panic just yet. If repayment feels overwhelming, there are some options to make things more manageable. If your business is really struggling, you can apply for the SBA's Hardship Accommodation Plan. This plan allows eligible borrowers to make reduced payments for six months with the possibility of renewal. Specifically, you can pay just 10% of your regular monthly payment with a minimum of $25. Interest will continue to accrue during this period, which may result in larger balloon payment at the end of the loan term, but that's a long way out. Here's how to apply for the Hardship Accommodation Plan. If your loan is up to or under $200,000, just log into your account on the MySBA Loan Portal at lending.sba.gov. Navigate to your loan information page, and you should see an option to enroll in the Hardship Accommodation Plan. If your loan is over $200,000, you'll need to fill out an application and attach a current year profit and loss statement. If your business is permanently closed, you'll need to provide the dissolution paperwork or the final tax returns to apply. To begin, contact COVID-19 EIDL Service Center directly at 833-853-5638 or email disastercustomerservice at sba.gov with the Hardship Accommodation Plan in the subject line. A specialist will get back to you and guide you through. Now, although these loans aren't being forgiven, we believe the time has come to advocate for change. Small businesses are the backbone of our economy, and many are still recovering from the toll of COVID. That's why we're launching a campaign in January to push for EIDL forgiveness for loans under a million dollars. We're creating a pre-planned package of information that you can easily cut and paste and personalize with your own story. This will help you reach out to your representatives in the new administration and explain the strains these loans are putting on your business, and you fought through to survive through the pandemic are still standing today. So watch for the launch of our EIDL forgiveness campaign in January. Together we can make our voices heard and advocate for the relief of small business owners. Here's the bottom line. While the EIDL loans can't be forgiven yet, together we can take action and make our voices heard. Advocacy starts with small steps, and we want to help you take those steps. Need help navigating your loan options or joining our campaign? That's what we're here for. At Calculated Moves, we help small business owners like you make sense of the details so you can focus on growing and not stressing. Thanks for watching, and as always, keep making those Calculated Moves.