Back

Find Money

How to defer your Economic Injury Disaster Loan [EIDL]

How to defer your Economic Injury Disaster Loan [EIDL]

How to defer your Economic Injury Disaster Loan [EIDL]

How to defer your Economic Injury Disaster Loan [EIDL]

How to defer your Economic Injury Disaster Loan [EIDL]

Do you have a Covid-19 Economic Injury Disaster Loan [EIDL]? Read on to learn how to defer and find savings.

Do you have a Covid-19 Economic Injury Disaster Loan [EIDL]? Read on to learn how to defer and find savings.

Do you have a Covid-19 Economic Injury Disaster Loan [EIDL]? Read on to learn how to defer and find savings.

Do you have a Covid-19 Economic Injury Disaster Loan [EIDL]? Read on to learn how to defer and find savings.

Jesseca Lane

Brand & Marketing

Here’s how to defer your EIDL 

Are you one of the millions of businesses that took out a Covid-19 Economic Injury Disaster Loan (EIDL)? If so, did know you could be saving up to 90% on payments for up to 6 months?

Recently, the SBA has made the shift to start referring outstanding loans to collections (the US Treasury Department). However, the SBA has provided small businesse with the ability to enroll in Deferment, allowing the Member to pay a fraction of the monthly payment for up to 6 months.  

Make sure you qualify 

This 6-month deferment extension is effective for all COVID EIDLs approved in calendar years 2020, 2021 and 2022. COVID EIDLs have a total deferment of 30 months from the date of the Note.

Access your SBA account 

Account balances and payment due dates are accessible in the SBA Capital Access Financial System (CAFS). Borrowers may learn how to set up an account in the CAFS system by logging in at the hyperlink.

Keep Track

COVID-EIDL Borrowers should be advised that

  • Interest will continue to accrue on the loans during the deferment. Make sure you are planning for this.

  • Partial or full payments may be made (recommended to use www.pay.gov) during the deferment but are not required.

  • SBA will not be sending monthly SBA Form 1201 payment notices (although SBA will send regular payment reminders).

  • Account balances and payment due dates are accessible in the SBA Capital Access Financial System (CAFS). Borrowers may learn how to set up an account in the CAFS system by logging in at https://caweb.sba.gov/cls/dsp_login.cfm.

  • 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.

  • Borrowers that 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.

Stay Organized & Save

Looking to stay ahead of your payments and expenses? Create a free Palm account today to get instant savings recommendations on your biggest expenses and stay informed with insights that help your business grow.

Sign up for insights & alerts

Alerts to save your business time, money and peace of mind

Sign Up

Grow

Jun 15, 2024

Why your business health matters

Is your small business healthy? Read on to find out.

Jesseca Lane

Small Business AI

Jun 3, 2024

How to grow your small business with AI

AI is here to stay - here's how it can help your small business.

Jesseca Lane

Find Money

May 20, 2024

Five Cash Flow Management Tips for Small Businesses

Automate the gruntwork with AI

Jesseca Lane

Small Business AI

May 17, 2024

Managing small business finances with AI

Business expenses just got easier.

Jesseca Lane

Small Business AI

May 9, 2024

How to combat labor shortages with AI and technology

Learn how small business owners like you are using AI and technology to address labor shortages & costs.

Jesseca Lane

Grow

Apr 30, 2024

What you need to know about National Small Business Week 

It's National Small Business Week 2024 - here's whats happening, the hot topics like AI, and how you can get involved.

Jesseca Lane

Grow

Apr 22, 2024

The top macro trends affecting small businesses

Trends you should understand to help your business grow

Jesseca Lane

Find Money

Apr 12, 2024

Five ways to manage inflation & rising business costs 

Read on for tips on how to find savings for your business.

Jesseca Lane

Funding

Apr 8, 2024

Your guide to State and Local Small Business Grants

Read on if you're looking for a small business grant at the state and local level.

Jesseca Lane

Taxes

Apr 1, 2024

4 small business tax tips if you haven't already filed

Running under the gun to save money on your taxes? Read on!

Jesseca Lane

Funding

Mar 28, 2024

How to find free small business grants

Your guide to federal and corporate grant opportunities

Jesseca Lane

Find Money

Mar 1, 2024

How to find savings on your small business insurance

Read this if you have small business insurance.

Jesseca Lane

From our Founders

Feb 26, 2024

How To Start and Grow Your Small Business

Looking to start or grow your small small business? Read this first.

Connor Patterson

Most Asked Question

Feb 22, 2024

Most Asked Question: Why do I need to connect my business account? 

Data & Security

Jesseca Lane

Expenses

Feb 15, 2024

Expense Management for Small Businesses, Made Easy

AI Expense management for small businesses

Jesseca Lane

From our Founders

Feb 9, 2024

The Top Five Small Business Benchmarks You Need to Know

Reach your goals with Palm

Jesseca Lane

Most Asked Question

Feb 2, 2024

Most Asked Question: Where Do I Spend The Most Money?

Better understand your business spending using AI

Evan Shoemaker

Small Business AI

Jan 19, 2024

AI 101 for Small Businesses

What you need to know about how AI can help your small business.

Connor Patterson

How To

Dec 12, 2023

Let us get our hands dirty with your finances so you don’t have to.

Learn how Palm is helping service providers save time & money with AI

Evan Shoemaker

Small Business AI

Dec 12, 2023

How AI Can Save Your Restaurant Time & Money

Restaurant finances just got easier.

Connor Patterson

Sign up today

Sign up today

Get the financial copilot app that will save you time and money today.

Get the financial copilot app that will save you time and money today.

Create Free Account

Sign up today

Get the financial copilot app that will save you time and money today.

Create Free Account

© 2024 Palm Finance. All rights reserved

© 2024 Palm Finance. All rights reserved

© 2024 Palm Finance. All rights reserved