At least the interest is tax deductible. That brings the effective rate down quite a bit, assuming your business is profitable from a tax standpoint.
Since your lender will let you extend the term, you should probably do it but keep paying the same amount and only drop your payment down if you hit a cash flow crunch. I personally tried to get out from under my SBA debt as quickly as possible given it was personally guaranteed.
At least the interest is tax deductible. That brings the effective rate down quite a bit, assuming your business is profitable from a tax standpoint.
Since your lender will let you extend the term, you should probably do it but keep paying the same amount and only drop your payment down if you hit a cash flow crunch. I personally tried to get out from under my SBA debt as quickly as possible given it was personally guaranteed.