SBA Extends Deferment of EIDL Repayments

Millions of business owners and nonprofits that received a COVID Economic Injury Disaster Loan (EIDL) now have more time to begin making their loan payments. Last week, the Small Business Administration (SBA) announced that these borrowers will receive an extended 30 months deferment period from the date of loan approval.

This extension applies to all COVID EIDLs approved in 2020, 2021 and 2022. Previous deferment periods for these loans were set at 18 or 24 months. This new relief was prompted by members of Congress, who requested an additional extension as businesses continue to be impacted by economic hardship and pandemic-related losses.

Interest will continue to accrue during the deferment period, at 3.75% for small businesses and 2.75% for nonprofit organizations. Borrowers may choose, but are not required, to make partial or full payments during the deferment period.

If you have any questions about the EIDL and new deferment period, please contact your Grassi advisor or call our Crisis Response and Recovery hotline at 212.223.6216 or response@grassicpas.com.


Robert L. Tobey Robert L. Tobey, CPA is a Partner in the Tax Services practice at Grassi, where he guides clients through the complexities of tax planning and compliance on the federal, state and international levels. He specializes in helping pass-through entities, multi-state corporations, high-net-worth individuals and investors meet their business, tax savings and wealth preservation goals. Robert advises clients in a wide range of industries, with... Read full bio