COVID EIDL: Updates and Resources for Borrowers

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Seattle District Office - July 29, 2022

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Updates and Resources for COVID EIDL Borrowers

The COVID-19 Economic Injury Disaster Loan (EIDL) program provided billions of dollars in funding to help small businesses recover from the economic impacts of the pandemic.

COVID EIDL loans have a 30-year maturity term and a fixed interest rate. Payments were automatically deferred for 30 months from the date of the note. 

Next Steps

The SBA began approving COVID EIDL applications in Spring 2020 - meaning the end of the deferment period for those early loans is rapidly approaching. Business owners should start preparing to make payments. 

Here are some important items to note:

  • Interest began accruing on the loans at the time of disbursement.
  • Partial or full payments were being accepted during the deferment but were not required.
  • Deferments may result in a loan balance at loan maturity, resulting in a balloon payment.
  • The SBA will not be mailing monthly SBA Form 1201 payment notices but may send regular payment reminders via email.

Setting up payments

Monthly payments of principal and interest will begin at the end of the deferment period and will be paid over the remaining life of the loan. You may make prepayments at any time without penalty.

The Note can be found in the original loan closing documents.  The date of the Note is located in the upper right corner of the Promissory Note's first page.

For loan account information

Account balances, interest amounts and payment due dates are accessible in the SBA Capital Access Financial System (CAFS). For the most up-to-date information regarding your SBA COVID EIDL loan, please create and/or login to your CAFS account using the links below.

Make a payment

There are several options to make a payment to the SBA.

  • Make an online payment at (preferred)
  • Use online bill pay through your business banking account
  • Mail your payment

Learn More

Servicing Your EIDL Loan

Borrowers should review their loan authorization to ensure all terms are being followed. For loans above $25,000, the SBA filed a lien on the business assets. If a business owner wants to sell a piece of equipment or the business itself, the SBA will need to approve the release of its lien. In some cases, this may require a cash payment to reduce the loan balance. These requests are approved by one of the SBA’s disaster loan centers. Borrowers should be prepared to make their request well in-advance of the actual sale.

EIDL borrowers in Washington and Idaho should contact SBA’s Disaster Loan Servicing Center in El Paso at (800) 487-6019 or by emailing

The Center's hours are: 8 a.m.- 4:30 p.m. MT, Monday through Friday

Funding Programs for Your Small Business Information Session

Additional Resources

SBA continues to offer funding options and technical assistance resources to help small businesses. 

  • Information about SBA loan programs can be found here
  • Lender Match can help locate an SBA lender for your needs.

The SBA Seattle District Office works with a network of Resource Partners across Washington State and northern Idaho that are available to assist with business support through workshops, trainings, and one-on-one counseling. 

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