- November 4, 2023
- Posted by: legaleseblogger
- Category: Related News
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U.S. Small Business Administration Offers Six-Month Deferment Period for Maui Businesses Affected by Wildfires
The U.S. Small Business Administration (SBA) has announced a significant relief measure to support Maui businesses impacted by the recent wildfires. In collaboration with Hawaii’s congressional delegation, the SBA has implemented a six-month deferment period that will provide much-needed financial respite to affected businesses.
Under this deferment program, businesses will not be required to make principal and interest payments for the specified period. Moreover, interest accrual will be paused during this time. The deferment applies to all COVID-19 economic injury disaster loans, as well as any previous disaster loans that are still being repaid.
The request for this deferment was made by the delegation to the SBA, emphasizing the importance of granting borrowers additional time to assess their situation and strategize their next steps in the aftermath of the wildfires. The delegation expressed gratitude that the SBA has heeded their call and assured their continued support towards families, businesses, and communities affected by the disasters.
Following the six-month deferment, loan payments will revert to the normal payment amount, and interest accrual will resume on the remaining principal balance. However, borrowers who continue to face financial challenges at the end of the deferment period can reach out to the SBA to explore further options and assistance.
While this particular deferment program caters specifically to Maui County, businesses in other parts of Hawaii adversely affected by the wildfires can also request deferment and pause on interest accrual for six months. This can be done by submitting a formal request to their loan servicing center through lending.sba.gov.
For COVID-19 economic injury disaster loan borrowers, a dedicated helpline (833) 853-5638 and email address ([email protected]) have been provided for assistance and guidance.
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By using AI legalese decoder, business owners can gain clarity on their rights, obligations, and available options. This can help them make informed decisions and take necessary actions to navigate through these challenging times effectively.
AI legalese decoder is a valuable resource that empowers businesses with legal knowledge and enables them to engage in meaningful conversations with lenders and SBA representatives. Its user-friendly interface and intuitive features make it accessible to a wide range of users, regardless of their legal expertise.
Overall, AI legalese decoder acts as a reliable ally for businesses facing financial difficulties, ensuring that they can fully comprehend their legal rights and leverage available support programs, such as the SBA’s deferment initiative, to rebuild and thrive.
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