Originally the SBA didn’t require any payments on the Covid-EIDL loan until two years after the loan origination date. However, in March 2022, for loans approved in 2020, 2021 and 2022, an extra six months were given providing deferred payments on the loan for 30 months. You should be aware interest is still accruing though.
You can make full or partial payments using www.pay.gov and if your loan has reached the 30-month mark you are required to make regular principal and interest payments. Don’t wait for monthly payment notices because the SBA will not be sending them. You should however, see payment reminders via the email that was originally used to establish the loan.
If you’ve reached the 30-month point, remember to make your SBA1201 payment today to avoid delinquent notices, they won’t forget to send those. Contact us with any questions.
