Greetings from the Seth & Alexander team!

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The US Small Business Administration (SBA) has again extended the deferment period for COVID-19 Economic Injury Disaster Loan (EIDL) payments.

 

Who qualifies for the extension?

Small businesses and not-for-profits that received EIDL funds do not have to begin payments on the loan until 30 months after the date of the note. BE AWARE that Interest will continue to accrue on the loans during the deferment period. EIDL borrowers can however make early payments on their loans.

 

Quick Note

The EIDL program has allocated more than $351 billion for low-interest loans to 3.9 million small businesses and not-for-profits. The loans have a 30-year maturity with interest rates of 3.75% for small businesses, including sole proprietors and independent contractors, and 2.75% for not-for-profits.

 

If you have any questions about the deferment, please contact us.

 

The Seth & Alexander team is always here to help.

713-965-7572