Can you settle your EIDL SBA Loans for 10%? No! Can you temporarily decrease your payment if you have a hardship? Yes! Read on to learn more. 

No Program for 10% Settlement: There is no program that allows you to settle your EIDL SBA loan for 10%.

There are options for struggling businesses to defer payment, but read carefully before applying!

1. For loans up to $200,000, you can apply to only pay 10% for 6 months by logging in to your account and selecting “hardship accommodation.” Payment goes down to 10% for 6 months. For loans greater than $200,000, you can request the deferral by completing the form mentioned in the next paragraph. 
2. After the initial 6 months have passed, you are eligible to request additional deferrals, up to a total of four times. To do this, you must submit this specific form along with a copy of your business income statement.
3. For the second deferral request, you will be required to pay a minimum of 10% of your monthly payment. For the third deferral request, the requirement increases to 50% of your monthly payment. By the fourth deferral request, you will need to pay 75% of your monthly payment.
4. This is not forgiveness; it's simply a deferment. You will eventually have to pay your loan amount.
5. Please consult your loan advisor before applying for hardship accommodation, as you never know if this will black-list you for future SBA loans. 
   
   

1. You do not need to pay a third party to get this approved. There is no “special magic” or priority line for “brokers.” The third-party “broker” will log into your account using your login credentials and complete the paperwork in your name.
2. If you feel that there is no way for you to address this alone, reach out to your accountant or trusted advisor, as they may help you for a fee. 
   

1.  Be wary of “brokers” who submit false information to the SBA on your behalf.
2. If anyone offers to reduce your loan to 10%, ask them to commit to a binding contract. Only pay them once you verify the reduction in your online portal.