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.