The U.S. Small Business Administration announced extended deferment periods for disaster loans, including the COVID-19 Economic Injury Disaster Loan (EIDL) program, until 2022.
All SBA disaster loans made in calendar year 2020, including COVID-19 EIDL, will have a first payment due date extended from 12-months to 24-months from the date of the note.
All SBA disaster loans made in calendar year 2021, including COVID-19 EIDL, will not have a payment due until 12-months to 18-months from the date of the note.
Existing SBA disaster loans approved prior to 2020 in regular servicing status as of March 1, 2020, received an automatic deferment of principal and interest payments through December 31, 2020. This initial deferment period was extended through March 31, 2021.
It is important to note that interest will continue to accrue on the outstanding balance of the loan through the duration of the deferment.