SBA Disaster Loans Interest Pause

The SBA announced that disaster loans to small businesses would have no interest for the first year and the initial payment period will automatically be deferred for 12 months. This applies only to new disaster loans, and not existing ones. The change is effective for all disaster loans approved in response to a disaster declared on or after September 21, 2022, through September 30, 2023. There is no prepayment penalty for businesses that want to make payments early. #IdeaoftheDay