Procedural Notice 5000-830558 - Additional 6-Month Deferment for SBA COVID-19 Economic Injury Disaster Loans
Summary
SBA Procedural Notice, Control No. 5000-830558, effective March 15, 2022, to all SBA employees, granting an additional 6-month deferment of principal and interest payments to existing COVID-19 Economic Injury Disaster Loan (EIDL) borrowers. It states that, due to the continued adverse effects of the COVID-19 emergency, SBA is extending the previous deferments granted to COVID EIDL borrowers. The notice sets out how the additional deferment applies.
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Full text
SBA Procedural Notice
TO: All SBA Employees CONTROL NO.: 5000-830558
SUBJECT: Additional 6-Month Deferment for
SBA COVID-19 Economic Injury Disaster EFFECTIVE: March 15, 2022
Loans
The purpose of this Notice is to grant an additional 6-month deferment of principal and interest
payments to SBA’s existing1 COVID-19 Economic Injury Disaster Loan (EIDL) borrowers
(COVID EIDL Borrowers).
Due to the continued adverse effects of the COVID-19 emergency, SBA is extending the
previous deferments granted to COVID EIDL Borrowers to provide an additional 6-month
deferment of principal and interest payments on their COVID EIDLs. 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.2
COVID-EIDL Borrowers should be advised that:
• Interest will continue to accrue on the loans during the deferment.
• 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. COVID EIDL Borrowers that have established a PAD through
1
Originated in calendar years 2020, 2021 or through the date of this Notice in 2022, and all COVID EIDLs originated
in 2022 after the date of this Notice based on applications received by December 31, 2021.
2
This additional deferment does not apply to non-COVID disaster home and business loans.
PAGE 1 of 2 EXPIRES: 3-1-23
SBA Form 1353.3 (4-93) MS Word Edition; previous editions obsolete
Must be accompanied by SBA Form 58
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.
Questions regarding this Notice3 should be directed to:
U.S. Small Business Administration
COVID-19 EIDL Customer Service Center
(Toll Free) 833-853-5638
Patrick Kelley
Associate Administrator
Office of Capital Access
3
See also SBA Procedural Notices 5000-20012, 5000-20072, and 5000-807838.
PAGE 2 of 2 EXPIRES: 3-1-23
SBA Form 1353.3 (4-93) MS Word Edition; previous editions obsolete
Must be accompanied by SBA Form 58
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