EIDL Program - Borrowers to Receive an Additional Deferment
In March 2022 the SBA announced that the agency would extend the deferment period for making payment to 30 months from the loan origination date. The deferment extension is effective for all COVID-EIDL Loans approved in calendar years 2020, 2021, and 2022. There is no penalty for prepayment, and note that interest will continue to accrue on the loans during the deferment.
If the small business has already obtained a loan via COVID EIDL and would like to be considered for a loan increase, they should log onto their account on the SBA Portal to submit a loan modification. Please note that applications for new COVID EIDL loans or advances are no longer being accepted for this program.
Check out Pace SBDC's website for additional EIDL program information and relevant hyperlinks.