Extended Deferment for EIDL

March 28, 2021

For those worried about paying back loans, an extended deferment for the EIDL has been announced. The U.S. Small Business Administration announced this for all disaster loans, including the COVID-19 Economic Injury Disaster Loan program.

All SBA disaster loans made in 2020 will have a first payment due date extended from 12-months to 24-months from the date of the note.
All SBA disaster loans made in 2021 will have a first payment due date extended from 12-months to 18-months from the date of the note.

Interest will continue to accrue during the deferment at 3.75% interest rate for small businesses. The rate is 2.75% for nonprofit organizations, with a 30-year maturity. But businesses can make partial payments during that time.

Email at DisasterCustomerService@sba.gov or call SBA’s Customer Service Center 1-800-659-2955 (TTY: 1-800-877-8339) with questions.

Posted in Covid, Economic Development