The U.S. Small Business Administration has announced it will extend the deferment period of principal and interest payments for businesses that received a COVID Economic Injury Disaster Loan. The deferment gives COVID EIDL borrowers an extra six months of payment relief, thereby extending the total deferment period to a total of 30 months from the inception of all approved COVID EIDL loans.
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EIDL Program Begins to Wind Down
Business owners and nonprofit organizations can apply for the SBA Economic Injury Disaster Loan (EIDL), which provides financial assistance for small businesses to meet financial obligations and operating expenses that could have been met had the COVID-19 disaster not occurred. The deadline to apply is December 31, 2021; however, the SBA has issued application guidelines to ensure that everyone who could benefit from the program is able to access it before it ends.
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