On Tuesday, the U.S. Small Business Administration (SBA) announced another extension on loan repayments for COVID-19 Economic Injury Disaster Loans (EIDL). This additional deferment allows small businesses and not-for-profits that received EIDL funds to defer on initial loan payments until 30 months after the date of the note.
Key information regarding the deferment:
– This deferment extension is effective for all COVID-EIDL loans approved in calendar years 2020, 2021, and 2022.
– Interest will continue to accrue on the loans during the deferment.
– Borrowers may make partial or full payments during the deferment period but are not required to.
– After the deferment period ends, COVID-EIDL borrowers will be required to make regular principal and interest payments beginning 30 months from the date of the note.
For additional information, including checking on the account balance and due dates, borrowers can access the SBA Capital Access Financial System (CAFS) and learn how to set up an account in the CAFS system by logging in at Capital Access Financial System (sba.gov).