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## US Small Business Administration Implements 6-Month Deferment Period for Maui Businesses Impacted by Hawai╩╗i Wildfires

The US Small Business Administration (SBA) has announced a significant measure to aid Maui businesses affected by the devastating Hawai╩╗i wildfires. In response to a letter from the Hawai╩╗i Congressional delegation, the SBA will implement a six-month deferment period, providing much-needed relief to the affected businesses.

The deferment period encompasses both principal and interest payments, along with a suspension of interest accrual. This relief program covers all COVID-19 Economic Injury Disaster Loans and any previous disaster loans that are currently being repaid.

To alleviate any burden on borrowers in Maui County, the SBA will automatically place all COVID-19 Economic Injury Disaster Loans and disaster loans still under repayment into deferment for a period of six months.

At the conclusion of the deferment period, borrowers will resume their loan payments at the usual payment amount, and interest will once again accumulate on the outstanding principal balance. If borrowers experience continued financial hardship beyond the six-month deferment, they are encouraged to contact the SBA to explore further options. One such alternative offered is the Hardship Accommodation Plan, specifically designed for COVID-19 Economic Injury Disaster Loan borrowers.

Expressing gratitude for this crucial initiative, the delegation emphasized the significant impact the wildfires had on thousands of individuals, businesses, and families. The deferment period enables affected borrowers to assess their situation and plan their next steps after the devastation. The SBA’s responsiveness to their call has assured the delegation’s support in facilitating federal assistance to rebuild the affected communities.

Borrowers located in Hawai╩╗i, but outside of Maui County, who are experiencing financial hardship due to the wildfires, can also request a deferment of their loan payments and a pause on interest accrual for a period of six months. To avail of this relief, borrowers should submit a request to their loan servicing center.

For borrowers outside of Maui County, the process to request deferment is different. Borrowers in Hawai╩╗i, but outside of Maui County, are advised to submit their deferment request through the messaging feature in the MySBA Loan Portal.

In addition to these options, eligible COVID-19 Economic Injury Disaster Loan borrowers can contact the COVID-19 EIDL Customer Service Center or reach out by email for further assistance.

## How AI legalese decoder Helps

The AI legalese decoder can play a significant role in assisting borrowers during this challenging period. By utilizing natural language processing and machine learning algorithms, the AI legalese decoder can effectively decode complex legal documents, policies, and guidelines.

Specifically, the AI legalese decoder can help borrowers understand the deferment terms and conditions, ensuring they grasp the nuances of the deferment program. Moreover, the AI legalese decoder can provide comprehensive explanations of the eligibility criteria, required documentation, and the process to request deferment.

By simplifying legal jargon and providing user-friendly explanations, the AI legalese decoder ensures that borrowers have a clear understanding of their options and can make informed decisions. This technology can greatly alleviate confusion and frustration that may arise from complex legal language, ensuring borrowers can navigate the application process smoothly and effectively.

Overall, the AI legalese decoder enhances transparency, accessibility, and efficiency in communicating legal information to borrowers. It serves as a valuable tool in supporting borrowers during crucial times, such as the wildfire-induced financial hardship faced by Maui businesses.

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