If your business took out a COVID-19 Economic Injury Disaster Loan (EIDL), you now have more time to make payments as the SBA announces a deferral for the third time in 12 months.
Now, EIDL borrowers do not have to begin payments on the loan until 30 months after the date of the note. Previously, it was 24 months. The SBA reports that the extended deferment period will provide additional flexibility to small business owners impacted by the pandemic, especially those in hard-hit sectors managing disruption with recent variants, as well as recent supply chain and inflation challenges amid a growing economic recovery.
The SBA also reports that interest will continue to accrue on the loans during the deferment period. EIDL borrowers can make early payments on their loans.
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