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

The Small Business Administration (SBA) announced that the deferment period for COVID-19 Economic Injury Disaster Loans has been extended six months.
Small business owner taking advantages of the economic injury disaster loan program

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.

Podemos ayudarlo a abordar desafíos empresariales como estos Contáctenos hoy mismo

* Este contenido es solo para fines educativos, no tiene por objeto proporcionar asesoría jurídica específica y no debe utilizarse en sustitución de la asesoría jurídica de un abogado u otro profesional calificado. Es posible que la información no refleje los cambios más recientes en la legislación, la cual podrá modificarse sin previo aviso y no se garantiza que esté completa, correcta o actualizada.

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