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Discussion Starter · #1 · (Edited)
I don't know if any of you guys have been following the latest developments with the EIDL loans. There are people fighting to get the interest wiped out completely or significantly reducing it and retro dating it to the original loan date. Obviously everything with the SBA goes extremely slow and they March to the beat of Their Own Drum, so to speak but hopefully they'll be some decisions made within the next 6 months.

However, in the meantime there is a hardship program that has been activated for EIDL loan Borrowers. There's some talk that it only applies to people with loans under $200,000 but that had not been confirmed, the last I heard. This hardship program will last for 6 months and it lowers your monthly payment to 10% of your payment amount or $25, whichever is more. The $25 will apply to most of us, if not all of us, drivers. Unless you got a loan out for more than $250,000 the $25 will apply. There have been reports the system has been kind of glitchy already today but I will say I went through the process and it worked as intended. Some people are reporting the button to apply for the hardship program is not showing up in their SBA account online. Mine was there. Anyways people are recommending everyone go and apply because the more people who apply will only demonstrate that something needs to be done to minimize our repayment.

The process itself is literally a click of two buttons. You're not held to only make the minimum $25 payment. You can still opt to pay your full amount or any other amount but you're not obligated to. The hardship program lasts for 6 months with the option to reapply for another 6 months after the initial 6 month period. So here's what you do. Log into your SBA account and click on your EIDL loan to open up the loan information. Over in the bottom right corner there should be a red button that says hardship program. If you click on that it tells you the terms. The terms are very simple to understand. Click on I agree to the terms and submit it. The following screen will pop up saying your monthly payment has been reduced to $25. That's it! Like I said some people are reporting they're not getting the hardship button to show up. I would give it a little bit of time and check back daily if you don't have the option showing up yet. I'm sure they didn't roll it out to every borrower at once and they're doing it in waves but it is officially being offered at this point. I have heard you cannot be even a day late on your current payment. Otherwise it won't show up🤷‍♀️ hopefully by the time our full payment is due again in 6 months some decisions will be made on the interest part of the loan😁.

Good luck!

EDIT: your hardship payment will be 10% of your normal payment amount or $25 whichever is more. Not 10% of your original loan amount. I switched mindsets for some reason in the post. Stated 10% of normal payment but then talked about 10% of original loan
 

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Discussion Starter · #3 ·
My loan was a lot less than $250,000 and my regular payment is $590, so my hardship payment is $59

Thank you for posting this, I had no idea this was available.
Oh crap I just realized I mixed up the numbers. Yes you are correct. It's 10% of your payment amount or $25. Whichever is more. I knew that but for whatever reason I switched over to the mindset of 10% of total loan amount. 🤦‍♀️ Thank you.
 

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Don't pay, offering a loan under duress isn't help, a bailout, or support, it's predatory. They will ALL be forgiven if no one pays.

The only ones who should pay are those about to buy a house or need a good credit score for whatever reason. If all your ducks are in a row & you don't care about credit report make them spend money & come find you. They were NO where to be found when people needed it.

There were no humans to instruct you or give you information, everything was shut down, no paycheckes were coming in, and if you were lucky they sent you a docusign saying sign here for thousands of dollars durung a pandemic, this is the definition of signing something under duress.

Everyone with PPP loans of over 100K were forgiven (bailed out). The TOP 20% of wage earners got majority of the PPP they all gouged, bought back stocks, and fired people leading to the current economic situation. Millionaires all bailed out but they making people who signed 30K loans under duress to make payments for the next 30 years. Nope not gonna happen.

I still and never could log on to the portal after the 1st time and could never get anyone on the phone or to reply to an email to re set it up or change password. So they can knock on my door if they want to come get it, if they call I'll say "please hold" and leave them on the phone till they hang up, if they email I'll reply back from a "noreply" email that contains the same gibberish theirs does and make sure to include "please see my help page" that offers no help, and of course a "do not reply this email isn't monitored" at the end.
and your law degree is from what institution??

There were humans, and they did answer the phone and the EIDL has nothing to do with PPP
 
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