An additional deferment period was added this week for borrowers of a COVID loan program.
Isabella Casillas Guzman, administrator of the U.S. Small Business Administration, directed the agency to 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 EIDL loans.
The extended deferment period aims to provide additional flexibility to small business owners impacted by the pandemic, especially those in hard-hit sectors managing disruption with recent variants, as well as recent supply chain and inflation challenges amid a growing economic recovery.
The COVID EIDL program is a federal disaster relief loan that has allocated more than $351 billion in relief to 3.9 million borrowers since it’s inception.
Key information regarding deferment:
Borrowers with questions can call SBA’s COVID EIDL Customer Service Center toll-free at 1-833-853-5638 (borrowers who are deaf, hard of hearing, or have a speech disability can dial 7-1-1 to access telecommunications relay services) or email DisasterCustomerService@sba.gov for additional assistance. The center is open Monday through Saturday from 8 a.m. to 8 p.m. ET. Multilingual representatives are available. Small business owners may also contact SBA’s Resource Partners by visiting www.sba.gov/local-assistance. For additional information on COVID EIDL, please visit www.sba.gov/relief.
Read the full press release from the SBA.
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