Interview with SBA Director on EIDL Goodwill Period

In this video, Ryder interview SBA Director Alex Contreras about SBA EIDL Goodwill Period, changes that just went into affect regarding EIDL Hardship, and other EIDL updates that all EIDL borrowers should know. Follow ups will be posted on the Skip blog.

Here are important timestamps:
0:00 Intro
2:30 Addressing EIDL Forgiveness & SBA Hardship Policy
5:20 Introducing 60 Day EIDL Goodwill Period
7:05 Changes To Hardship Accommodation / Opening to Everyone
9:28 Checking EIDL Hardship Option on SBA Portal / What If You've Been Referred to Treasury
13:18 Has Treasury Been Informed / What Can You Ask Treasury To Do
18:25 Additional SBA Changes This Year on Portal
22:00 Recap of News: Enrolling in Hardship on Portal / Any Discussion on Proactively Getting Loans from Treasury
27:30 High EIDL Delinquency Rates
33:20 Take on EIDL Hardship Accommodation as an Option
35:20 What If You Paid an EIDL Lump Sum
39:05 Recognizing SBA Policy Decisions to Help EIDL Borrowers

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[julietandseanbeaton]

THANK YOU!!! This was stressing me out so bad and I just got into the portal and saw where I could apply for the hardship! I was in Charge-off status and now I can breathe again. I totally thought/prayed this would have turned into a forgivable loan in the long run. For now I'm safe and will keep my monthly payments on track at that 10% level...truly awesome to have you sharing the updates!

[mspitstoptoyou]

I'm just saying, I am so grateful that I've subscribed to your channel, because I wouldn't know about this ability to possibly get my loan out of default. I have received no information from SBA or Treasury or anyone. My loan went into default immediately because of family health issues dealing with a very sick father for whom I was HCPOA. I reached out to the SBA to ask if I could get my loan back in good standing. I was told that someone would call me back with that answer, and I never heard back. I assumed that they weren't interested in helping me, and I would hear from collections. It's been 7 months now? Not a peep from Treasury or the SBA. I'm just flabbergasted that I have to just happen to be subscribed to a YouTube channel in order to get this information.

[bokijaki]

Thanks Skip for everything and the pushback questions. But this was not helpful Alejandro contradicted with the 180 days. 180 days with treasurybor late? So many comments people made lump sump payment current with SBA. Still send to Treasury. How to bring back the loan? If the loan is current why not bring it back to sba update status. Called sba they say talk to treasury. 1 time talked to treasury after 3 hours on hold Treasury said Sba has to recall the loan and bring kt back. Thats not what Alejandro said in this interview. Please what can we do? Please help Skip

[Frank-voxo]

Thank you skip for doing this interview. I was having a lot of trouble, and they wouldn't give me my hardship. And with this interview, I went back there, and they did give me my hardship, and it was able to bring my low current. Thank you very much. We really appreciate all your hard work

[MtnChic]

To everyone that watched this live that is having an issue with SBA. Please contact your congressman's office via their website, I suggest email so you can keep a paper trail. They will ask you to sign a release form and send that back to them. My account is now fixed as of looking at my portal this morning. I will of course call to confirm that all is well. Do not let up if you know that your numbers are not adding up. Sometimes with organizations like this you have to be able to run a longer race. Because they drag everything out. So go in strong with detailed information, Be assertive and don't let up until you get someone that knows what they're talking about. If you call the congressman's office sign the release they will do that for you. I feel so bad for business owners that are going through this. Especially when you know you've done everything you were supposed to do. It seems it's a clerical issue in most cases and that is not your fault and you are not responsible to make up for their clerical issue. But you are responsible for making sure it's corrected and not taking no for an answer. Much luck to you all!!

[susieforeman]

I was listening to mr Alejandro concerning the EIDL loans but he also mentioned about the goodwill program and if you are late what to do about it and he mentioned about the hardship loan and if you are making your payments u are only paying the interest rather than the loan itself so I didn’t have the business anymore due to a stroke and triple bypass but I’m still sending my payment in I don’t know how to go on the portal to apply for hardship so I just do the best I can but it’s hard the stroke has totally left me with damage nurves I’ll keep trying

[SandiGinDC]

Thank you I am so great-full for your consistent stream of information, I am so glad I subscribed. I was praying for relief! HAP will be a huge help. I also wonder what happened to the initial $10, 000.00 amount alleged to early on. What's the reason for EIDL not being eligible for forgiveness, maybe Director Contreras could share some light with you as our proxy:)

[randyweaver]

By the way, you have been my go to for all things SBA. Thank you.

[RisingFolkRockArtists]

* I just logged into my account...was in arrears since October. I did NOT initially see the button for hardship on the MAIN account page. You have to fish around for it - I stumbled upon it and signed up for the hardship and made the min payment and a prompt came up saying I'll be updated in 48 hours - which I think means to get back into good standing. My main page did say "charged off" and there was also a note there that said something like "Your account has been charged off by the SBA and there is nothing more for you to do." Something similar to this verbiage...basically FISH / EXPLORE the site - I don't know why they can't put a hyperlink and or button on the main account page - but whatever...Thx for the info cats!

[caleboldhouser]

The biggest thing they could do to help would be to wave the back interest they charged during the grace period. I have made like 16 payments of almost $4, 000 and my balance is still higher than the original loan amount.

[lexus]

the hardship doeesnt update til 48 hours of enrollment.. so enroll then check after..

[staceybluford]

Thank you so much for this information. Extremely helpful.

[DBMTexas]

What I don't like about this is that Treasury will tact on 30% on top of what you owe, and interest is accrued daily until it is paid or a payment plan is set up, in my case it's $130K! I don't feel that's right. If your loan is with the Treasury, it's best to set up a payment plan with them now, they will go up to 10 years depending upon your situation. You need to show goodwill that you want to pay back your loan. Remember, Treasury is the collection agency for the SBA. When you make payments to the Treasury, you're still paying the interest rate of 3.75% and those payments actually go back to SBA. However, since it's with the Treasury, any tax refunds or government credits, such as an ERTC program, will all be towards your debt, so you won't see those. At this point I hope the SBA will pull the loan back after the payment plan is setup and remove that 30% fee!

[timjenkins]

The SBA has been at best, incompetent, at worst, criminal in their unwillingness to correct their errors concerning loans. My loan was in good standing and I received a delinquent notice. The SBA was contacted and claimed they did not have a delinquency status on my loan. I continued my payments while my portal claimed delinquency and I then received a must pay letter. The SBA was contacted again, and I was told I was current, and I would receive written validation because the SBA was having "glitches". A day later my portal showed charged SBA is a problem.

[mindavis]

I called into SBA asking how I can bring my loan servicing status back to good standing. The rep told me to pay a specific dollar amount then send email to CESC email address which I did. They sent back an email saying my account is still past due. I replied asking to exact amount I need to submit so I can bring the account back to regular servicing status and I haven't heard back for past 12 days. This is so not helpful.

[fordskyline]

Not sure if this question has been answered but what happens if your due date passes in the middle of applying for hardship? Will the 10% start with the next payment or will the past due amount be reduced?

[samzak]

What happens if they send it to collection? Do they come and arrest you ? if you don't pay ?

[Encore-Entertainment]

What about borrowers with a $500K loans that are still having trouble paying off their loans since their businesses have not recovered. Please advise what is available for us. I email 3 months ago asking for some assistance or a Hardship Accommodation but still no reply.

[helenyolosalon]

When you get the hardship reduced payment, is that 10% payment going to principle or interest? Can I request it to go towards 100% to

[leonbaylor]

The you for this information .im will be needing this help. ❤