The US Small Business Administration is implementing a 6-month deferment period for Maui businesses impacted by the Hawaiʻi wildfires. This comes in response to a letter from the Hawaiʻi Congressional delegation.
This deferment period covers principal and interest payments, as well as a pause on interest accrual, and includes all COVID-19 Economic Injury Disaster Loans and any previous disaster loans that are still being repaid.
The US Small Business Administration will automatically place all COVID-19 Economic Injury Disaster Loans and disaster loans for borrowers in Maui County that are still in repayment into deferment for 6 months.
At the end of the deferment period, loan payments will return to the normal payment amount and interest accrual will resume on the outstanding principal balance. Borrowers still experiencing financial hardship at the end of the 6-month deferment period should contact the US Small Business Administration to discuss additional options, such as the Hardship Accommodation Plan for COVID-19 Economic Injury Disaster Loan borrowers.
“Thousands of people, businesses, and families were impacted by the wildfires on Maui,” said the delegation in a joint statement. “As our communities continue the recovery process, this deferment period will provide borrowers who have been impacted by the wildfires with additional time to determine next steps after the destruction. We are grateful the SBA has heeded our call and we’ll continue to support our families, businesses, and communities to ensure they have the federal assistance they need to begin rebuilding.”
Borrowers located in Hawaiʻi, but outside of Maui County, can request a deferment of their payments and pause on interest accrual for 6 months due to financial hardship caused by the wildfires by submitting a request to their loan servicing center.
Borrowers who are in Hawaiʻi, but outside of Maui County, should request their deferment through the messaging feature in the MySBA Loan Portal.
Eligible COVID-19 Economic Injury Disaster Loan borrowers can also contact the COVID-19 EIDL Customer Service Center at 833-853-5638 or by email at COVIDEIDLServicing@sba.gov.
Original source: https://mauinow.com/2023/11/04/us-small-business-administration-offers-6-month-deferment-for-maui-wildfire-impacted-businesses/