The SBA has resumed collection on repayment of EIDL loans.
Get Help With Your EIDL loan
The Hardship Accomodation Program, which drastically reduced the monthly payment for many borrowers, has ended. The SBA is offering short-term payment assistance by reducing the monthly payment by 50% for a six month period. There are restrictions on approval and interest continues to run.
If your business has an SBA EIDL loan that is impossible to repay, you need answers and options. Chapter 7 bankruptcy, which may forgive the loan, may be your only option.