The SBA announced that small businesses that received Economic Injury Disaster (EIDL) loans don’t have to start repayment until 2022. For such loans made in 2020, the usual 12 months from the date of the note is extended for 24 months. For 2021 loans, it’s 18 months. And disaster loans outstanding before 2020 and were in service on March 1, 2020, got a 12-month deferment of principal and interest. #IdeaoftheDay
Barbara Weltman
Big Ideas for Small Business, Inc.
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