Note: the article below is a lightly edited version of the above Youtube Video.
Good morning, guys. My name is Jason. I’m the founder of Distressed Loan Advisors. If you want to book time with me you can do there HERE, or just Google “Jason SBA Help” next time you want to find me, and I’ll come right up.
This is a quick update to the end of the Hardship Accommodation Program and all that stuff. After I posted the last update on my Youtube channel, where I read an email that had been forwarded to me about Hardship Accommodation Program was over, but within certain circumstances, they were willing to give one additional deferment of 50% of your regular payment.
Since then, several people have followed up with me and said, “hey, I got that email too, but it didn’t say anything about the part where you said you had to have not had one previously”.
So I looked back, and the email that I saw was from about a week ago, and I had two people forward me emails that were less than a week old, so basically came out after my email, it appears, and it looks like that line was removed.
So everything else was in place, so you have to be less than 120 days, can’t be charged off, but it did omit that part about you couldn’t have had one before.
So if anyone else has reached out to the SBA and gotten that email, I would be interested. You can either comment below, or you can shoot me an email, (Jason at JasonTees.com), and let me know what the email that you got says, because it looks like maybe they’ve already done an about-face, which could be a good thing.
I mean, you still have to be less than 120 days and not charged off, and also demonstrate to them that this is a short-term need, and, let’s be honest, you can do a little song and dance about that if you have to, but it appears that if you’ve had prior hardship accommodations, that they may still be willing to do this 50%, which I guess when all is said and done, they could have just done this a lot more simply and said, “beyond this, there will be no additional hardship accommodations based on the prior rules, but we will have one additional at 50% that’ll be subject to these additional things”.
Instead of doing that, of course, they’ve muddied the water again by ending it, and then saying, “Oh, but we can do this for you even though there is no more hardship”.
So bottom line is, it appears that there is one additional at 50% if you can convince them that it’s short-term in nature, and as long as you’re not more than 120 days past due and charged off.
So if you followed up with them and you’ve gotten an email from them about this specifically, please comment on the Youtube video or shoot me an email.
The more I know, the more I share with everybody else, the more everyone else is sort of up to speed. Obviously, this seems to change minute by minute. That’s it.
That’s the update. Again, if you want to schedule time with me, go HERE. Thanks for checking in, and I’ll continue to keep you posted.
