Two news organizations reported this week that the U.S. Small Business Administration (SBA) has made changes to its COVID-19 Economic Injury Disaster Loan (COVID-19 EIDL) program to help small businesses that have been unable to repay their loans.

Albuquerque Business First reported that the SBA has begun accepting the “offer in compromise” as one of the last resorts for small businesses that default on their COVID-19 EIDL loans.

And Venturize reported the new provisions allow eligible borrowers to make reduced loan payments for six months.

Both articles caution that the Hardship Accommodation Plan’s provisions could result in a large balloon payment as interest continues to accrue.

Read about the Hardship Accommodation Plan on the SBA website, and contact the SBA for information specific to your COVID-19 EIDL loan.