Today, Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration and the voice for America’s 32.5 million small businesses in President Biden’s Cabinet, directed the Agency to provide additional deferment of principal and interest payments for existing COVID Economic Injury Disaster Loan program Borrowers for a total of 30 months deferment from inception on all approved COVID EIDL loans. The extended deferment period will provide additional flexibility to small business owners impacted by the pandemic, especially those in hard-hit sectors managing disruption with recent variants, as well as recent supply chain and inflation challenges amid a growing economic recovery.
Since its inception, the COVID EIDL program, a federal disaster relief loan, has allocated more than $351 billion in relief aid to 3.9 million borrowers, including to the smallest of small businesses from historically underserved, disadvantaged communities.
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