Deferred Payments for COVID Economic Injury Disaster Loan (EIDL) Borrowers
The SBA announced this week that it will provide an additional deferment of principal and interest payments for existing COVID Economic Injury Disaster Loan (EIDL) program borrowers:
- This deferment extension is effective for all COVID-EIDL loans approved in calendar years 2020, 2021, and 2022. Loans now have a total deferment of 30 months from the date of the note. 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.
- The SBA will not send monthly SBA Form 1201 payment notices, but will send regular payment reminders via email.
- Deferments may result in balloon payments.
Get additional information here