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SBA Administrator Jovita Carranza Implements Automatic Deferment on Existing SBA Disaster Loans Through End of 2020
Today, U.S. Small Business Administration Administrator Jovita Carranza announced changes to help borrowers still paying back SBA loans from previous disasters. By making this change, deferments through December 31, 2020, will be automatic. Now, borrowers of home and business disaster loans do not have to contact SBA to request deferment.
“The SBA is looking at every option and taking every action to cut red tape to make it easier for small businesses to stay in business. Automatically deferring existing SBA disaster loans through the end of the year will help borrowers during this unprecedented time,” said Administrator Carranza. “Today’s announcement adds a list of growing actions the SBA is taking to support small businesses. These actions include making it easier for states and territories to request a declaration so small businesses statewide can now apply for economic injury disaster loans, and changing the terms of new economic injury loans to allow for one-year deferments. We are working around the clock to find ways to assist small businesses and today’s action is one step in this process.”
Previous Announcement:
March 17, 2020: SBA Updates Criteria on States for Requesting Disaster Assistance Loans for Small Businesses Impacted by Coronavirus (COVID-19)
Visit SBA.gov/Coronavirus for more information on SBA’s assistance to small businesses.
SBA's San Diego District Office to Offer Bi-Weekly Webinars on SBA Economic Injury Disaster Loans (EIDL)
These webinars will provide:
- An overview of SBA’s Economic Injury Disaster Loan (EIDL) Program
- The general application process for the EIDL
- What to expect after you submit your application
- Special exceptions for the Coronavirus EIDL
- And a Q and A session.
U.S. SBA Office of Disaster Assistance - Economic Injury Disaster Loan Webinar
(Must be registered to receive connection and presentation details.)
Click on the date to register:
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Monday, March 30, 2020 at 10:00 a.m. PST
- Friday, April 3, 2020 at 10:00 a.m. PST
- Monday, April 6, 2020 at 10:00 a.m. PST
- Friday, April 10, 2020 at 10:00 a.m. PST
- Monday, April 13, 2020 at 10:00 a.m. PST
- Friday, April 17, 2020 at 10:00 a.m. PST
- Monday, April 20, 2020 at 10:00 a.m. PST
- Friday, April 24, 2020 at 10:00 a.m. PST
- Monday, April 27, 2020 at 10:00 a.m. PST
- Friday, May1, 2020 at 10:00 a.m. PST
About SBA Economic Injury Disaster Loans (EIDL)
EIDLs offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue.
Eligibility for Economic Injury Disaster Loans is based on the financial impact of the Coronavirus (COVID-19).
These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.
The interest rate is 3.75% for small businesses with long-term repayments to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
How to Apply
 Be prepared with what is required to complete an online application. You can also connect with an SBA representative to walk you through the process.
The deadline to apply for an Economic Injury Disaster Loan is Dec. 16, 2020.
Additional Financing, Exporting and Advising Resources to Support Business Impacted by COVID-19
The SBA launched www.sba.gov/coronavirus to provide information about resources small businesses can access now to navigate their business through the COVID-19 pandemic.
This includes financing through SBA Loan Guarantee Program – working capital, microloans, express loans and lines of credit – and counseling services through the SBA Resource Partner Network to help businesses navigate preparedness plans.
Get Updates from the SBA About COVID-19 Support
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