SBA EIDL Loan Update – You Now Have 30 Months To Start Paying Your SBA EIDL Loan


The SBA announced today that they have changed the deferral period of the SBA EIDL Loan to 30 months.

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The SBA News Release of 3/15/22 says the following – “WASHINGTON – Today, Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice for America’s 32.5 million small businesses in President Biden’s Cabinet, directed the Agency to provide additional deferment of principal and interest payments for existing COVID Economic Injury Disaster Loan (EIDL) program Borrowers for a total of 30 months deferment from inception on all approved COVID EIDL loans. The extended deferment period will provide additional flexibility to small business owners impacted by the pandemic, especially those in hard-hit sectors managing disruption with recent variants, as well as recent supply chain and inflation challenges amid a growing economic recovery.

Since its inception, the COVID EIDL program, a federal disaster relief loan, has allocated more than $351 billion in relief aid to 3.9 million borrowers, including to the smallest of small businesses from historically underserved, disadvantaged communities.

“Though our small business owners continue to power a historic economic recovery under the Biden-Harris Administration, we must continue to do everything in our power to meet our small businesses where they are with resources to ensure they can recover and thrive,” said SBA Administrator Guzman. “This extended principal and interest deferment will provide financial relief to millions of small business owners – particularly those hardest-hit by the pandemic and related marketplace challenges – so they can continue to pivot, adapt, and grow.”

Key information regarding deferment:
This deferment extension is effective for all COVID-EIDL Loans approved in calendar years 2020, 2021, and 2022. Loans now have a total deferment of 30 months from the date of the Note. Interest will continue to accrue on the loans during the deferment.

Borrowers may make partial or full payments during the deferment period but are not required to. The SBA recommends using www.pay.gov.
The SBA will not send monthly SBA Form 1201 payment notices; however, the SBA will send regular payment reminders via email.

Existing COVID EIDL Borrowers can find account balances and payment due dates in the SBA Capital Access Financial System (CAFS) and learn how to set up an account in the CAFS system by logging in at Capital Access Financial System (sba.gov).

Deferments may result in balloon payments. The deferment will not stop any established Preauthorized Debit (PAD) or recurring payments on the loan. COVID- EIDL Borrowers with an SBA established PAD must contact their SBA servicing center to stop recurring payments during the extended deferment period. COVID- EIDL Borrowers who have established a PAD through Pay.Gov or any other bill pay service are responsible for terminating recurring payments during the extended deferment period.

After the deferment period ends, COVID-EIDL Borrowers will be required to make regular principal and interest payments beginning 30 months from the date of the Note.


Breaking news coming out of this SBA today. You now have 30 months. You heard right! 30 months to start making your monthly payments on your SBA EIDL loan. That’s what we’re going to talk about in this video.

Hello from freedom tax accounting, we’re an accounting firm where we have been providing quality tax and accounting services now for over 20 years. If you’re new to this channel, we provide strategies for small business owners, so they can achieve their financial goals.

This video is being recorded on March 15th, 2022. We always emphasize the recording on any video relating to the SBA loan, because this loan has been constantly changing, so there may be things we discussed in this video that can change as soon as tomorrow. So that’s the importance of subscribing to our channel, that way you are always up to date with the most correct and current information on the PPP and EIDL loan programs from the SBA.

So, what happened today, March 15th, 2022? The SBA released, there’s a press release, March 15th, 2022 where the SBA is announcing that anyone who got an EIDL loan in 2020, 2021 and 2022, now have a total deferment of 30 months from the date of the note, meaning from the month you received the funds the first time (if you have received an increase in the EIDL loan, you must start counting on the date you receive your first EIDL loan deposit, from that date from the date on the note). Now you have 30 months.

If you remember, when this long came out you had 12 months to start making payments, then they increased it to 18 months, then they increased to 24 months, and now they are giving you an additional 6 months. So now you have a total of 30 months to start making payments towards your EIDL loan.

Remember that the interest is accruing during this time; so even though you have 30 months to start making your EIDL loan monthly payments, the interest is accruing. Now, remember that you can make payments online on this website using www.pay.gov. If you look in YouTube and you search for ‘How to pay my EIDL online? you will find a video that we did in the past where we show you step by step how to pay your SBA EIDL loan online. Also, SBA is reminding people that they can check their account balance using the Capital Access financial system. Also, if you look up on YouTube, ‘How do I check my EIDL loan balance online? We also have a video where we show you step by step how to check the SBA EIDL loan balance online.

So, this is good news for businesses that are still struggling due to COVID, where they still haven’t recovered economically. Now, you have an additional 6 months to start making the monthly payments on your loan. So, you now have a total of 30 months to start making payments towards your EIDL loan.

Remember you start counting from the date or the month where you got your first EIDL loan deposit. If you got your first EIDL deposit in 2020 but in 2021 you got an increase, you still count the 30 months from the 2020 date. I just want to make that very clear because that’s a very common question that we get here in our office.

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