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New deferment period for EIDL COVID-19 loans

The U.S. Small Business Administration (SBA) recently announced an additional deferment period of principal and interest payments for existing COVID-19 Economic Injury Disaster Loans (EIDL). Borrowers have a total of 30 months of deferment period from loan origination on all COVID EIDL loans. This is a change from the previous deferral period of 24 months.

Below you will find some additional information about the new deferment period on EIDL loans:

  • This deferment period is effective for all COVID EIDL loans originated in 2020, 2021 and 2022. 
  • Please note that interest will continue to accrue during the deferment period. 
  • Borrowers can continue to make partial or full payments during the 30 month deferment period, but are not required to do so. 
  • The SBA is now recommending that borrowers use to make their payments.
  • The SBA is not sending monthly SBA Form 1201 payment notices. However, the SBA will send regular payment reminders via email.