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.