The SBA has announced that it will defer all Economic Injury Disaster Loan (EIDL) payments until 2022. Payments were initially due 12 months from the date of the note, and this deferral applies in two ways, depending upon which calendar year the loan was made:
If your SBA disaster loan was made in 2020, the first payment's due date has been extended another 12 months, to 24 months from the date of the your note.
If your SBA disaster loan was made in 2021, the first payment's due date has been extended another 6 months, to 18 months from the date of the note.
This will of course affect most of our business clients, and Harmony Group will be there to advise - we're expecting the rules to continue to change over time and further forgiveness is possible. We'll continue to update you as the SBA continues to update all of us.
You can read the full text of the SBA’s update intheir press release about the deferments.