Today, the SBA announced a deferment extension for future payments on COVID-related economic injury disaster loans (EIDL). This deferment extension of up to 30 months is effective for all EIDLs approved in 2020, 2021, and 2022. Before this announcement, the deferment allowance was 24 months from the original loan’s closing date.
Restaurants should be aware that:
Since 2020, the COVID EIDL program has provided more than $351 billion to 3.9 million borrowers. In September 2021, restaurants worked with the SBA to increase eligible EIDL amounts and allowable expenses, including debt financing.