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