COVID Economic Injury Disaster Loan program borrowers will receive additional deferment for a total of 30 months postponement from inception, U.S. Small Business Administration Administrator Isabella Casillas Guzman announced March 15.
The extended deferment period gives small business owners impacted by the pandemic additional flexibility, especially those in hard-hit sectors managing disruption with recent pandemic variants, and supply chain and inflation challenges amid a growing economic recovery.
The COVID EIDL program has allocated more than $351 billion in relief aid to 3.9 million borrowers since its inception.
“Though our small business owners continue to power a historic economic recovery under the Biden-Harris Administration, we must continue to do everything in our power to meet our small businesses where they are with resources to ensure they can recover and thrive,” said SBA Administrator Guzman in a prepared statement. “This extended principal and interest deferment will provide financial 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.”
Interest will continue to accrue on the loans during the deferment, and borrowers may make partial or full payments during the deferment period but are not required to.
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. They can also email DisasterCustomerService@sba.gov for additional assistance. The center is open Monday through Saturday from 8 a.m. to 8 p.m. EST.