Dublin Chamber of Commerce issued the following announcement on April 4.
Businesses that have received COVID Economic Injury Disaster Loans (EIDL) will be able to defer repayment on the loans, according to an announcement last month on the U.S. Small Business Administration’s (SBA) Twitter account.
The COVID EIDL program has allocated more than $351 billion to 3.9 million borrowers. The deferment, which includes principal and interest payments, covers loans approved in 2020, 2021, and 2022. Loans now have a total deferment of 30 months from the date of approval.
Borrowers still can make partial or full payments but are not required to. Interest will continue to accrue on the loans.
For a link to the Twitter thread, click here. The COVID EIDL webpage is here.
Also, businesses that received loans through the federal Paycheck Protection Program (PPP) are encouraged to apply for loan forgiveness.
The (SBA) is no longer accepting PPP applications after providing $798 billion in economic relief to small businesses and nonprofits. Loan recipients still can apply for loan forgiveness, but deadlines may already have passed for some recipients. For more information, click here.
Information about the SBA’s relief efforts can be found at sba.gov/coronavirusrelief.
Original source can be found here.
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