Note: This is a transcript from this recent Youtube video.
Good morning, guys. My name is Jason. I am the founder of Distressed Loan Advisors.
If you want to book time with me, you can do so here. Today’s completely underwhelming news about EIDL loans is that the SBA has rolled out some additional hardship accommodation options.
Actually, I shouldn’t say options, plural. They rolled out one additional option. Drum roll, please.
Just to recap – right now (or up till now), what was available as far as the hardship accommodation was six months at 10%, followed by another six months of 10%, (and that’s 10% of your scheduled monthly payment), minimum of $25. So you can get up to a year at the 10%. And then beyond that, another six months at 50%.
And then beyond that, six months at 75%. So the big change that they made a couple days ago is that now they’ll add a fifth deferment at 75%. Like I said, that’s completely underwhelming.
I don’t see how that really is going to help a lot of people. A lot of people that I’m talking to are saying even 50% is a stretch for them. So I mean, at this point, if you can afford 75%, you can probably afford the whole thing.
And if you can’t afford 75%, then adding that extra fifth deferment does absolutely nothing for you. So I wish I had better news right now. As far as I know, there is still no offer in compromise.
Once a week, I have somebody say, oh, I know somebody who says they settled or I know somebody who knows somebody who said they settled. And every time I ask people to send me whatever paperwork, documentation, sort of prove to me that this is actual and legit. I’m yet to have anybody follow through on it.
If you guys are hearing differently, I’d certainly love to hear that.
But yeah, at this point, I’m not aware of the SBA approving any offer in compromise for an EIDL loan. So right now, the big news, fifth deferment at 75%. That’s it.
See you next time.