If you obtained an SBA Economic Injury Disaster Loan (EIDL) in 2020, you have more time to start repayment. Originally, the SBA had deferred repayments of principal and interest for 12 months; now it’s 24 months. Borrowers must resume the regular payment schedule with the payment immediately preceding March 31, 2022, unless the borrower voluntarily continues to make payments while on deferment. Important: interest continues to accrue on the outstanding balance of the loan throughout the duration of the deferment. #IdeaoftheDay
Important: The deadline for applying for a PPP loan runs through May 31, 2021.