Mar 17 Additional EIDL Deferment
On March 15, 2022, the U.S. Small Business Administration (SBA) announced an additional 6-month deferral on Economic Injury Disaster Loans (EIDL), changing the total deferment from 24 to 30 months from the date of Note. Interest will continue to accrue on the loan during this deferment period.
Although there is an option to defer payment, borrowers can make partial or complete payments during the deferral period. Also, note that deferment may result in balloon payments and will not stop any preauthorized debt or recurring payments. Borrowers must contact their SBA servicing center to pause these payments during the deferment period.
Sax will continue to update you on relief and recovery programs. For any questions or to speak to an advisor about your specific situation, please reach out by visiting www.saxllp.com.