The U.S. Small Business Administration (SBA) has announced a deferment extension for repayment of COVID-19 Economic Injury Disaster Loans (EIDL). This extension is being granted to help small businesses weather recent challenges caused by new coronavirus variants, supply chain disruptions, and inflation, so they can continue to grow and thrive.
SBA has provided the following information about the extended EIDL deferment:
- COVID EIDL loans now have a total deferment of 30 months from the date of loan origination. Interest will continue to accrue on the loans during the deferment.
- EIDL borrowers may make partial or full payments during the deferment period but are not required to do so. SBA will send regular payment reminders via email.
- Deferments may result in balloon payments. The deferment will not stop any established preauthorized debit or recurring payments on the loan. Borrowers will have to take action to stop recurring payments during the extended deferment period.
- After the deferment period ends, COVID EIDL borrowers will be required to make regular principal and interest payments.
For additional assistance, EIDL borrowers can call SBA’s COVID-19 EIDL Customer
Service Center toll-free at 833-853-5638, or they can email DisasterCustomerService@sba.gov
. Borrowers who are deaf or hard of hearing or who have a speech disability can dial 711 to access telecommunications relay services.
To learn more about the EIDL program and the deferment extension, visit covid-sb.org