SBA Defers EIDL Payments
In a recent press release, the SBA announced extended deferment periods for all SBA disaster loans, including the COVID-19 EIDL Loans. The deferment period will depend on which calendar year the borrower received the EIDL Loan.
- For SBA disaster loans in 2020, the first payment due date is now 24 months from the loan’s date (a 12-month extension).
- For SBA disaster loans in 2021, the first payment due date is now 18 months from the loan’s date (a 6-month extension).
- For SBA disaster loans before the COVID pandemic in regular servicing status as of 3/1/2020, a third deferral allowing an additional 12-month deferral of principal and interest payments has been approved, restarting their regular payment schedule on March 31, 2022.
The following SBA press release highlights the EIDL loan payment deferral details, which we suggest you review if you currently have an EIDL loan.