SBA Extends Deferment of Principal & Interest for COVID EIDL Loans

On March 16, the U.S. Small Business Administration (SBA) announced a new program to provide additional deferment of principal and interest payments for existing the COVID Economic Injury Disaster Loan (EIDL) program for a total of 30 months from inception on all approved COVID EIDL loans. The extended deferment period will 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.