ICYMI: SBA GRANTS ADDITIONAL SIX MONTH DEFERREMENT:
The SBA is sending out the following email to those who obtained an Economic Impact Disaster Loan (EIDL) in response to the COVID-19 pandemic. The original terms of the loan called for a 12-month deferment on the first payment; then a subsequent announcement extended the deferment period to 24-months and this newest announcement extends the deferment period for another six months:
Dear Borrower,
The purpose of this email is to inform you that an additional 6-month deferment has been granted on your COVID-19 Economic Injury Disaster Loan (EIDL). All COVID-19 EIDL loans will have the first payment due extended from 24-months to 30-months from the date of the Note.
- You are required to resume regular principal and interest payments 30 months from the date of the Note.
- Interest will continue to accrue and voluntary full or partial payments may be made without prepayment penalties during the deferment.
- SBA will send regular reminders of your payment obligation.
SBA Strongly Recommends Borrowers:
- Access and review your Borrower account history in the SBA Capital Access Financial System (CAFS).
- Immediately download your original loan documents from the RAPID Portal for your records.
If you have any additional questions, please feel free to call the Disaster Customer Service team at 833-853-5638 or email disastercustomerservice@sba.gov.
Sincerely,
