SBA to Offer Additional Deferment for COVID EIDL Program Loans

The Small Business Administration today announced that it will extend the deferment timeframe for COVID-related Emergency Disaster Injury Loans to a total of 30 months. The extension applies to loans approved in calendar years 2020, 2021 and 2022. Interest will continue to accrue on the loans during the deferment period.

Borrowers may make payments during the deferment period, but are not required to, SBA said. Existing borrowers can find their account balances and payment due dates using the SBA’s Capital Access Financial System. SBA added that it not send monthly SBA Form 1201 payment notices, but will send regular payment reminders to borrowers via email.