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Deferment Period Extended for Businesses with COVID-19 Economic Injury Disaster Loans

  • Human Resources
  • Article
  • 6 min. Read
  • Last Updated: 03/18/2022
Small business owner taking advantages of the economic injury disaster loan program
The Small Business Administration (SBA) announced that the deferment period for COVID-19 Economic Injury Disaster Loans has been extended six months.

Table of Contents

The Small Business Administration (SBA) announced an additional six-month extension of the deferment period for COVID-19 Economic Injury Disaster Loans (EIDL). Businesses now have 30 months from the date of the note to begin starting repayment.

Any COVID-19 EIDL funds approved since 2020 would qualify under the new deferment period.

Businesses opting to take advantage of the deferment period should understand that interest will accrue during that time.

The goal of the extension is to help small businesses continue their recovery from the disruption created by the COVID-19 pandemic, and more recently from issues resulting from increased labor and supply costs.

The COVID-19 EIDL program distributed funds to almost four million borrowers before the SBA stopped accepting applications on Dec. 31, 2021.

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* This content is for educational purposes only, is not intended to provide specific legal advice, and should not be used as a substitute for the legal advice of a qualified attorney or other professional. The information may not reflect the most current legal developments, may be changed without notice and is not guaranteed to be complete, correct, or up-to-date.

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