InTents June/July 2022 - 6

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COVID-EID loan deferment period extended
T
he U.S. Small Business Administration
(SBA) announced it will provide
additional deferment of principal and interest
payments for existing COVID Economic
Injury Disaster Loan (EIDL) program
borrowers for a total of 30 months
deferment from inception on all approved
COVID-EID loans. The extended deferment
period will provide additional lexibility
to small business owners impacted
by the pandemic, especially those in hardhit
sectors managing disruption with
recent variants, as well as recent supply
chain and inlation challenges amid a
growing economic recovery.
Since its inception, the COVID-EIDL
program, a federal disaster relief loan,
has allocated more than $351 billion
in relief aid to 3.9 million borrowers,
including to the smallest of small businesses
from historically underserved,
disadvantaged communities.
" This extended principal and interest
deferment will provide inancial relief
to millions of small business owners
-particularly those hardest-hit by the
pandemic and related marketplace
challenges-so they can continue to pivot,
adapt, and grow, " said SBA Administrator
Isabella Casillas Guzman.
Key information regarding deferment:
* This deferment extension is effective
for all COVID-EID loans approved in
calendar years 2020, 2021 and 2022.
Loans now have a total deferment of
30 months from the date of the note.
Interest will continue to accrue on the
loans during the deferment.
* Borrowers may make partial or full
payments during the deferment
period but are not required to. The
SBA recommends using pay.gov.
* The SBA will not send monthly SBA
Form 1201 payment notices; however,
the SBA will send regular payment
reminders via email.
* Existing COVID-EIDL borrowers can
ind account balances and payment
due dates in the SBA Capital Access
Financial System (CAFS) and learn how
to set up an account in the CAFS system
by logging in to the Capital Access
Financial System at sba.gov.
* Deferments may result in balloon
payments. The deferment will not
stop any established Preauthorized
Debit (PAD) or recurring payments
on the loan. COVID-EIDL Borrowers
with an SBA established-PAD must
contact their SBA servicing center
to stop recurring payments during
the extended deferment period.
COVID-EIDL borrowers who have
established a PAD through Pay.Gov
or any other bill pay service are
responsible for terminating recurring
payments during the extended
deferment period.
* After the deferment period ends,
COVID-EIDL borrowers will be
required to make regular principal
and interest payments beginning 30
months from the date of the note.
6 intents june-july 2022

http://www.pay.gov http://www.sba.gov http://www.Pay.Gov

InTents June/July 2022

Table of Contents for the Digital Edition of InTents June/July 2022

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