The SBA released good news yesterday for recipients of EIDL loans. For those who received an EIDL loan during the calendar year 2020, the first payment is now due 24 months after the initial loan date, instead of 12 months. For those who receive an EIDL loan during the calendar year 2021, the first payment will now be 18 months after the loan date, instead of 12.
Remember that while there are no payments, interest is accruing, and borrowers have the option of starting to make their payments earlier.
The SBA has approved over $200 B of EIDL loans since the beginning of the Pandemic and continues to approve over $500 million each week. More information about the program can be found at www.sba.gov.
I have a client who originally applied for an EIDL some months ago but the application was initially rejected. They then called the SBA on January 5th and walked them through the ownership changes they had made at the end of 2019 which apparently had confused the SBA. After this the SBA agreed to reinstate the application. The application since then has been “in processing”. The client has been calling the SBA weekly but keeps being told to call back again the following week to check on the status. Any thoughts or suggestions as to how to get this application actually processed? Thanks
David, you can add me to this situation as I am experiencing the same challenge