SBA Disaster Loan Repayment Deferral

The Small Business Administration (SBA) extended the deferment period for all its disaster loans, including the COVID-19 Economic Injury Disaster Loan (EIDL) program. All disaster loans issued in 2020 (including COVID-19 EIDL) will have the first payment due date extended from 12 months to 24 months from the date of the note. Any of the same types of loans made in 2021 will have the first payment due date extended from 12 months to 18 months from the date of the note.

Click here to read a more in-depth article on this topic from Accounting Today.

PPP Loan Payment Deadline Extended

The President signed a bill, that was presented and approved by both The House and The U.S. Senate, to provide a two-month extension to businesses for the Paycheck Protection Program, which has about $79 billion left to distribute. This will give businesses until May 31, 2021, to apply for forgivable loans while we are in this pandemic.

The Extension also allows the Small Business Administration (SBA) more time to process the applications. By enacting the PPP Extension Act it will avoid the lapse of a critical relief program that has supported small businesses with emergency loans to survive in these unprecedented times.

Click here to read a more in-depth article on this topic from Accounting Today.

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