The SBA has pushed again first-payment due dates for COVID-19 EIDL loans issued in 2020 and 2021.

Did you get an Financial Influence Catastrophe Mortgage in 2020? In that case, your authentic first-payment due date was 12 months from the date of the mortgage. The SBA has prolonged that to 24 months from the mortgage origination date.

For those who received an EIDL in 2021, your first-payment due date is prolonged to 18 months now, not 12, from the mortgage origination date.

EIDL First Fee Due Date Prolonged

First, the excellent news. You don’t should do something. The extra deferment intervals might be robotically granted to EIDL debtors.

The unhealthy information. Through the deferment interval, curiosity will proceed so as to add up on the excellent stability of the mortgage. Debtors ought to proceed to make mortgage funds through the deferment interval.

What the SBA Says about EIDL Mortgage Deferment

“Small Companies, personal nonprofits and agricultural enterprises, together with these self-employed people, contractors and gig staff, proceed to navigate a really troublesome financial surroundings because of the continued impacts of the Coronavirus COVID-19 pandemic, in addition to historic Extreme Winter Storms in 2020,” then-Performing SBA Administrator Tami Perrillo stated.

“The COVID-19 EIDL program has assisted over 3.7 million of small companies, together with non-profit organizations, sole proprietors and unbiased contractors, from a big selection of industries and enterprise sectors, by way of this difficult time.”

SBA continues to attempt to make out there all beforehand accepted Coronavirus Pandemic stimulus funding and administer the brand new focused applications associated to provisions within the 2020 Financial Support to Laborious-Hit Small Companies, Nonprofits, and Venues Act (the Financial Support Act) as shortly as potential.

“The American individuals and the nation’s small enterprise house owners want our tireless effort and dedication to get this important funding to these in nice want,” stated SBA Senior Advisor Michael Roth. “The SBA is not going to relaxation till we implement President Biden’s “American Rescue Plan” and its’ further focused applications and funds allotted for America’s small enterprise and nonprofit communities.”

Questions on SBA COVID-19 EIDL and catastrophe mortgage funds might be answered by electronic mail at [email protected] or by calling SBA’s Buyer Service Heart at 800-659-2955.

Picture: Shutterstock

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