|
|
If you received a Small Business Administration (SBA) disaster loan in the calendar year 2020, including a COVID-19 Economic Injury Disaster Loan (EIDL) the first payment has been extended from 12-months to 24-months from the date of the note.
SBA disaster loans made in 2021 will have a first payment due date extended from 12 to 18 months from the first due date.
Deferment of interest and principal will be extended through March 2021 for SBA disaster loans approved prior to 2020 in regular servicing status as of March 1, 2020.
Borrowers will resume their regular payment schedule with payment immediately preceding March 31, 2022, unless the borrower voluntarily continues to make payments while on deferment. Interest will continue to accrue on an outstanding balance of the loan though the deferment stage.
In mid-February 2021, SBA reached a milestone in the success of the COVID-19 EIDL program, by approving over $200 billion in emergency funding in low-interest loans, providing working capital funds to small businesses, non-profits and agricultural businesses to survive the severe impacts of this catastrophic and historic period within the entire United States of America and its territories. SBA continues to approve over $500 million each week for the COVID-19 EIDL program.
Questions on SBA COVID- 19 EIDL and disaster loan payments can be answered by email at DisasterCustomerService@ sba.gov or by calling SBA’s Customer Service Center at 1-800-659-2955 (TTY: 1-800-877- 8339).
To date the COVID-19 EIDL program has assisted over 3.7 million businesses.
Leave a Reply