The U.S. Small Business Administration (SBA) has extended the deferment period for COVID-19 Economic Injury Disaster Loan (EIDL) payments for the third time in the past 12 months.
In a news release, the SBA said small businesses and not-for-profits that received EIDL funds do not have to start paying on the loans until 30 months after the date of the note. Interest will continue to accrue on the loans during the deferment period.
The EIDL program has allocated more than $351 billion for low-interest loans to nearly 4 million small businesses and not-for-profits so far. Recipients can use the funds for normal operating expenses and working capital. Read more.