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If your freelance business received an Economic Injury Disaster Loan (EIDL) during the COVID pandemic, it will soon be time to start paying it back, given that The U.S. Small Business Administration’s (SBA) extended 30-month deferment period is coming to a close. Under the SBA’s existing deferment program loan payments were deferred for up to 30 months from the loan inception under the COVID Economic Injury Disaster Loan (EIDL) program. To help small businesses and freelancers who are still struggling financially, the SBA announced a Hardship Accommodation Plan in March of 2022 which provided the option of paying just 10% of monthly payments or $25 for up to six months. The Hardship Accommodation Plan is available if you meet certain conditions and enroll in it 60 calendar days before your first EIDL payment due date. The instructions from the SBA are as follows: Some important caveats about the EIDL deferment: If you have an EIDL loan for your freelance business that is coming due after the 30 month deferment and it will squeeze your cash flow or you simply cannot make the full payments, consider taking advantage of the Hardship Accommodation Plan that will give you a little bit more breathing room as you work toward a stronger financial position for your freelance business. via Freelancers Union Blog https://blog.freelancersunion.org/2023/01/24/hardship-accommodation-plan-for-economic-injury-disaster-loans-may-help-your-freelance-business-cash-flow-2/
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AuthorI have 5+ years experience working as a medical transcriptionist. When I am not working, I enjoy sports like playing basketball or judo. I love making friends and connections. Archives
April 2023
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