RPA Commercial Loans Logo
We Fund the American Dream
Breaking News: SBA Announces Grace Period for EIDL and PPP Loans
Admin
January 17, 2024
4:53 pm
SBA announces a grace period for EIDL & PPP loans. Discover what this means for your repayments and how it impacts your business finances.

Great news for those who have EIDL or PPP loans from the SBA!

As a response to over $114.2 billion in EIDL loans that are past due, delinquent, or in liquidation, the SBA is offering temporary payment relief.

54% of EIDL loans are currently in default. The federal government is implementing a 60-day goodwill exception period for borrowers who owe less than $100k in EIDL & PPP loans (based on original loan amount(s)).

From now until March 3, the SBA will hold-off on collection efforts, but will continue to reach-out to impacted borrowers to explain EIDL repayment options and how to apply for PPP forgiveness.

Hardship programs are available for businesses experiencing temporary financial difficulty. It is possible to get payments reduced to as low as $25/month for six months to allow time for a business' cash flow to recover.

Read more about options at the SBA's website.

 

Category : Uncategorized

PARTNERS

We don't really market the services of others, but the partners listed here are companies that we use and with whom we have had good experiences. We may receive compensation in exchange for your joining them, but this is at no cost to you. You may receive an equal benefit, as well. Check with each to learn what promotions or programs may be available to you. We cannot provide any guarantee or warranty for these services, so perform your own due diligence.

Wise Banking

We use Wise for our banking services and have been very happy with their quick transfers and low costs. Wise excels with international money transfers and pays high interest on account balances.

BlueHost Webhosting

Bluehost provides our website hosting and email services. If you use WordPress or build your own site, their platform will work for you. They have great 24/7 customer service and technical support, which provides excellent service.

Found Bank

We are using Found as our secondary banking option. They are especially good for online, freelancer, and remote businesses.

Chase Sapphire Credit Card

Chase Sapphire is a great credit card with a generous rewards program. You can earn up to 60,000 bonus points upon sign-up. Read their offer for more details.