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SBA Extends Deferment Period for all COVID-19 EIDL and Other Disaster Loans until 2022

WASHINGTON –The U.S. Small Business Administration announced extended deferment periods for all disaster loans, including the COVID-19 Economic Injury Disaster Loan (EIDL) program, until 2022.

  • All SBA disaster loans made in calendar year 2020, including COVID-19 EIDL, will have a first payment due date extended from 12-months to 24-months from the date of the note.
  • All SBA disaster loans made in calendar year 2021, including COVID-19 EIDL, will have a first payment due date extended from 12-months to 18-months from the date of the note.

Existing SBA disaster loans approved prior to 2020 in regular servicing status as of March 1, 2020, received an automatic deferment of principal and interest payments through December 31, 2020. This initial deferment period was subsequently extended through March 31, 2021. An additional 12-month deferment of principal and interest payments will be automatically granted to these borrowers. Borrowers will resume their regular payment schedule with the payment immediately preceding March 31, 2022, unless the borrower voluntarily continues to make payments while on deferment. It is important to note that the interest will continue to accrue on the outstanding balance of the loan throughout the duration of the deferment.

“Small Businesses, private nonprofits and agricultural enterprises, including those self-employed individuals, contractors and gig workers, continue to navigate a very difficult economic environment due to the continued impacts of the Coronavirus COVID-19 pandemic, as well as historic Severe Winter Storms in 2020,” SBA Administrator Tami Perrillo said.

“The COVID-19 EIDL program has assisted over 3.7 million of small businesses, including non-profit organizations, sole proprietors and independent contractors, from a wide array of industries and business sectors, through this challenging time,” continued Perrillo.

SBA continues to strive to make available all previously approved Coronavirus Pandemic stimulus funding and administer the new targeted programs related to provisions in the 2020 Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the Economic Aid Act) as quickly as possible.

“The American people and the nation’s Small Business owners need our tireless effort and dedication to get this essential funding to those in great need, and SBA will not rest until we implement President Biden’s “American Rescue Plan” and its’ additional targeted programs and funds allocated for America’s small business and nonprofit communities,” said SBA Senior Advisor Michael Roth .

COVID-19 EIDL loans are offered at very affordable terms, with a 3.75% interest rate for small businesses and 2.75% interest rate for nonprofit organizations, a 30-year maturity. Interest continues to accrue during the deferment period and borrowers may make full or partial payments if they choose.

In mid-February 2021, SBA reached a milestone in the success of the COVID-19 EIDL program, by approving over $200 billion in emergency funding in low-interest loans, providing working capital funds to small businesses, non-profits and agricultural businesses to survive the severe impacts of this catastrophic and historic period within the entire United States of America and its territories. SBA continues to approve over $500 million each week for the COVID-19 EIDL program.

Questions on SBA COVID-19 EIDL and disaster loan payments can be answered by email at DisasterCustomerService@sba.gov or by calling SBA’s Customer Service Center at 1-800-659-2955 (TTY: 1-800-877-8339).

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Release Date: [March 12, 2021]   Release Number: MA21-20    Contact: [Press_Office@sba.gov ]   www.sba.gov/news

Women Entrepreneurs are Powering the American Dream

By Janita R. StewartU.S. Small Business Administration’s Southeast Acting Regional Administrator, serving Alabama, Florida, Georgia, Kentucky, Mississippi, North Carolina, South Carolina and Tennessee As we move into March, we continue to celebrate women entrepreneurs in honor of Women’s History Month. This year we are celebrating the small business successes as well as the incredible challenges… Continue Reading

SBA Prioritizes Smallest of Small Businesses in the PPP

Building on a month of strong results, the Biden-Harris Administration and the U.S. Small Business Administration are taking steps with the Paycheck Protection Program to further promote equitable relief for America’s mom-and-pop businesses.  The latest round of Paycheck Protection Program funding opened one month ago and already the Biden Administration has succeeded in making major improvements to the program’s… Continue Reading

SBA Announces New District Director for North Florida

Jacksonville, FLA. – The U.S. Small Business Administration (SBA) is proud to announce the appointment of Mr. Jon “Malcolm” Richards as the North Florida District Director. He will oversee the implementation of SBA programs and services across the 43 county North Florida territory. Richards replaces Michael Barrera as the District Director. Richards brings a wealth… Continue Reading

SBA to Host Black History Month Live Online Panel February 25

Entrepreneur panel will discuss how to tap SBA’s economic relief programs to help small businesses recover  WHAT:   SBA Black History Month Online Panel: Recognizing the Resilience, Grit and Tenacity of America’s African American Small Business Heroes The  U.S. Small Business Administration will host a live online panel session in celebration of Black History Month for a… Continue Reading

SBA and lenders take more steps to improve Paycheck Protection Program

Loan data shows 1.3 million loans and significant increase to underserved entrepreneurs WASHINGTON – Today, the U.S. Small Business Administration and lenders are taking more strides to improve the Paycheck Protection Program (PPP) so that small businesses can access much needed PPP funds to persevere through the pandemic, recover, and build back better.  The Administration… Continue Reading

More than $1.52 Billion in PPP Loans Approved by SBA in Florida in Current Round of Funding That Re-Opened This Month

Date: Jan. 28, 2021 | NFL21-02                         Contact: Nayana.sen@sba.gov | 904-443-1933      lola.kress@sba.gov | 404-330-4737 Jacksonville, Fla. – As part of ongoing transparency of economic aid programs, the U.S. Small Business Administration (SBA) recently released data summarizing Paycheck Protection Program (PPP) loan approvals made through Jan. 24, 2021. The SBA re-opened the PPP Jan. 11 with $284… Continue Reading

SBA to Provide One Year 8(a) Program Extension to Participants Due to COVID-19

Release Date: [January 27, 2021] Release Number: 21-14 Contact: [Tiffani.Clements@sba.gov | www.sba.gov/news Public Comments Due by March 15, 2021 WASHINGTON – The U.S. Small Business Administration  published an interim final rule effective January 13, 2021 allowing 8(a) Program participants to elect a one-year program extension in the SBA’s 8(a) Business Development Program due to the challenges… Continue Reading

The SBA Takes Steps to Improve First Draw Paycheck Protection Program Loan Review

Release Date: January 26, 2021 Release Number: 21-13 Contact:press_office@sba.gov, www.sba.gov/news WASHINGTON – The U.S. Small Business Administration is taking steps to improve the First Draw Paycheck Protection Program loan review so that small businesses have as much time as possible to access much needed PPP funds. The Biden-Harris Administration is focused on ensuring small businesses receive… Continue Reading

SBA Re-Opening Paycheck Protection Program to Small Lenders on Friday, January 15 and All Lenders on Tuesday, January 19

Lenders with $1 Billion or Less in Assets Will be Able to Submit First and Second Draw PPP Applications on Friday – Continuing Dedicated Access for Community-Based Lenders WASHINGTON – The U.S. Small Business Administration, in consultation with the U.S. Treasury Department, will re-open the Paycheck Protection Program (PPP) loan portal to PPP-eligible lenders with $1 billion… Continue Reading

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