Applicants for SBA disaster loans may utilize the loan portal, MySBA Loan Portal. sba. gov) to apply and check the status of their application.
Current borrowers for the following loan types can view loan documents and make payments via the MySBA Loan Portal:
You can continue to set up and manage online payments at Pay for additional SBA loans. gov.
Notice: the COVID-19 EIDL program is not accepting new applications, increase requests, or reconsiderations.
- SBA no longer accepts applications for new COVID-19 EIDL loans or advances as of January 1, 2022.
- Beginning on May 6, 2022, the SBA will no longer be processing requests for COVID-19 EIDL loan increases or for the reconsideration of loan applications that were previously denied because there was insufficient funding.
- As of May 16, 2022, the COVID-19 EIDL portal (covid19relief1. sba. gov, also known as the “RAPID portal”) is closed.
- The Capital Access Financial System (CAFS) is closed to COVID-19 EIDL borrowers as of February 21, 2023. Through the MySBA Loan Portal, borrowers can view their loan information and supporting documentation and make payments.
The SBA still provides small businesses with additional funding options, such as conventional SBA loans.
SBA granted COVID-19 EIDL borrowers a 30-month deferment period from the original Note date due to the pandemic’s ongoing negative effects. Loans for homes and businesses that are not COVID-affected are not subject to this delay. Effective for all COVID-19 EIDL loans approved in the 2020, 2021, and 2022 calendar years, this deferment extension Interest will continue to accrue on the loans during deferment. SBA procedural notice 5000-830558, dated March 15, 2022, has more specific details regarding eligibility and how deferment affects your future loan payment amounts.
View loan balance and make payments
Create an account in the MySBA Loan Portal (lending. sba. gov) to monitor your loan status or to make payments.
The monthly payment obligation for COVID-19 EIDL is borne by you, starting thirty months from the disbursement date indicated at the top of your Original Note’s front page. During this deferment:
- You may make voluntary payments without prepayment penalties
- You will still be charged interest on your loan during the deferment.
- At the time of loan maturity, a final balloon payment will be due if you choose not to make voluntary payments during the deferment.
Options for borrowers facing financial hardship
Note: There will be no extension of the 30-month COVID-19 EIDL deferment period. COVID-19 EIDL is not forgivable.
A Hardship Accommodation Plan is available from the SBA to borrowers who are having temporary financial difficulties. Those who qualify for this plan will be able to pay less for a period of six months, with the option to extend after the plan ends. Interest will keep coming in, which could lead to an increase in the balloon payment that’s due at the end of the loan term.
Terms
- A set percentage of the monthly payment amount is due from borrowers. Payment reduction will vary based on past enrollment status.
- Borrowers have the option to voluntarily make larger payments during the Hardship Accommodation period.
- Once the six-month Hardship Accommodation period expires, the regular monthly payment amount will be due. If needed, borrowers might be able to extend the Hardship Accommodation Plan. The terms may vary for renewals.
Eligibility & Enrollment
The Hardship Accommodation Plan is open to borrowers 60 calendar days prior to the due date of their first payment.
In the event that your loan balance is $200,000 or less:
- Enrollment for the first time: To sign up for the Hardship Accommodation plan, visit the MySBA Loan Portal and create an account. Within the portal, click “Loan Summaries” in the toolbar. Look for “Hardship Accommodation Plan” in the lower right corner of the Loan Summary page. Click “Learn more and enroll. ”.
- Renewals: Using the MySBA Loan Portal, you can renew the Hardship Accommodation Plan once. If you need to renew more than once, please send a message via the MySBA Loan Portal or contact COVID-19 EIDL customer service (be sure to include the Hardship Accommodation Plan in the email subject line). You will be contacted by a loan specialist regarding requirements.
If your loan amount exceeds $200,000:
- For initial enrollment and renewals, please send a message via the MySBA Loan Portal or get in touch with COVID-19 EIDL customer service (be sure to mention the Hardship Accommodation Plan in the email subject line). You will be contacted by a loan specialist regarding requirements.
Through its nationwide network of Resource Partners, SBA provides small businesses with free or inexpensive counseling services. Among other counseling services, these partner organizations might be able to help evaluate your business plan, spot opportunities to get funding, or tell you about any relevant tax benefits. To find a Resource Partner who can help you with your needs, get in touch with your neighborhood District Office. You can also look for resources in your area.
Request a lien subordination or other servicing actions
The Application for SBA Consent form will be made available by COVID-19 EIDL Customer Service for issues including:
- a request for the SBA lien to be subordinated in order to allow third-party financing
- a proposed change in ownership
- a proposed assumption
- a request for specific collateral release
Please contact COVID-19 EIDL customer service or submit a message via the MySBA Loan Portal if you would like advice regarding an impending business closure or liquidation.
Audit requirements for non-profit borrowers
If you are a non-profit COVID-19 EIDL borrower that expended $750,000 or more in loan funds (and expenditures from other Federal awards) in a single year, you are subject to requirements under the Single Audit Act. Because there are no continuing compliance requirements, these audit requirements only apply in the year that the loan funds are spent. For more information on Single Audit Act requirements, please review 2 CFR 200, Subpart F or consult an accountant.
The Single Audit Act does not impose any requirements on EIDL Advances.
For assistance with COVID-19 EIDL, please email COVIDEIDLServicing@sba or call 833-853-5638 (TTY: 711). gov, or send a message through the MySBA Loan Portal. COVID-19 EIDL Customer Service is open from 8:00 a. m. to 8:00 p. m. ET, Monday through Friday.
Always remember to include your loan or application number and the reason for your request in the email subject line when sending an email to the SBA. Include your loan or application number, the reason for the request, the name of the business, the name of the applicant, and your contact details in the email body.
For technical assistance with the MySBA Loan Portal, please call 833-572-0502, Customer Service, starting at 8:00 a.m. m. to 8:00 p. m. ET, Monday to Friday, or email cls@sba. gov. Customer Service for the MySBA Loan Portal is unable to view the specific loan information you have.
Targeted EIDL Advance Assistance: Please email TargetedAdvance@sba. gov. for help with Targeted EIDL Advance.
FAQ
Can I view my SBA loan online?
A web-based interface that allows SBA borrowers to access statements, view loan details, and make payments for loans that are serviced by the SBA, Disaster Relief, or COVID-19 EIDL.
Where can I find the balance of my EIDL loan?
Make payments and check the balance of your loan by creating an account on the MySBA Loan Portal (lending sba. gov) to monitor your loan status or to make payments. The disbursement date indicated at the top of the front page of your Original Note is 30 months from the date of your obligation to make monthly COVID-19 EIDL payments.
Can SBA loans be forgiven?
Does the SBA forgive loans? Generally speaking, no matter how bad your financial situation is, the SBA does not offer 100% forgiveness on 7(a) and 504 loans. Nonetheless, the SBA will take into account settlements that have been reached between a borrower and their loan issuer for businesses that have been forced to shut down.
How do I check the status of my SBA 7a loan?
Click the 7(a) tile after logging into the Portal to see the status of your 7(a) loan application. Within the 7(a) tile, click Launch 7(a) Portal. The status of your application ought to show up on the right side of the page.
Read More :
https://www.sba.gov/funding-programs/loans/covid-19-relief-options/covid-19-economic-injury-disaster-loan/manage-your-eidl
https://lending.sba.gov/