Tuesday, March 15th, the SBA announced that they are providing additional deferment of principal and interest payments for COVID EIDL Loans. This is the third time the SBA has extended payments.
Deferment is now extended to 30 months from the date of the Note. However, keep in mind that interest does continue to accrue on the 30-year loans at a rate of 3.75% for small businesses and 2.75% for non-profits.
To learn more about the EIDL deferral, take a look at the Journal of Accountancy’s Article, or the SBA’s press release.
To learn more about the EIDL deferral, take a look at the Journal of Accountancy’s Article, or the SBA’s press release.
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