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News & Alerts

EIDL Payments Deferred Another Six Months

3/17/2022

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On March 15, the Small Business Administration announced a deferment extension for future payments on COVID-related Economic Injury Disaster Loans (EIDL). This deferment extension of up to 30 months is effective for all EIDLs approved in 2020, 2021 and 2022. Before this announcement, the deferment allowance was 24 months from the original loan's closing date.
Restaurants should be aware that:
  • EIDLS now have a total deferment of 30 months from the date of the loan issuance, but interest continues to accrue during deferment
  • The EIDL interest rate for private businesses is 3.75% (2.75% for non-profits) over 30 years
  • The SBA warns borrowers that deferments could result in "balloon" payments
  • Borrowers may make partial or full payments during the deferment period but are not required to. The SBA recommends using www.pay.gov
  • The SBA will not send monthly SBA Form 1201 payment notices, but the SBA will send regular payment reminders via email
  • After the deferment period ends, EIDL borrowers will be required to make regular principal and interest payments beginning 30 months from the date of the loan issuance 
Questions? Email or call the Ask WRA Team at 608.270.9950​
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2801 Fish Hatchery Rd  |  Madison, WI 53713
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  • Membership
    • Member Login
    • Membership Savings >
      • Employee Retention Credit
      • Manufacturer Rebate Program
      • Marketing Tools
      • Property & Casualty
      • Workers Compensation
      • Credit Card & Payroll Processing
      • Health Solutions
      • Music Licensing
      • Office Supplies
      • Email Marketing
      • Shipping
      • Technology
      • Other Products & Services
    • Restaurants
    • Suppliers >
      • Members Only Login
      • Supplier Member Benefits
      • Interested in Joining
      • Live Events
      • Sponsorships
      • Advertise
      • Donate
      • Get Involved
    • Students
    • Join
  • Resources
    • Members Only
    • Humans Of Hospitality >
      • Humans of Hospitality - Share Your Story
    • Solutions on Staffing
    • Tax Credits
    • COVID-19 >
      • Coronavirus: Resources for Restaurants
      • Exposed Employees Guidance
      • Restaurant Revitalization Fund
    • News & Alerts
    • Business Support >
      • Ask WRA
      • Supplier's Directory
      • National Restaurant Association
      • Industry Insights
      • Laws & Regulations
      • Publications
      • Materials to Purchase
      • Popular Topics
    • For Diners >
      • Dining Guide
      • Gift Certificates
  • Advocacy
    • MKE Kitchen Cabinet
    • Donate
  • Events & Training
    • Calendar
    • Upcoming Events >
      • Fresh EX
      • Restaurant Advocacy Day
      • Friends of James Beard Chef Invitational Raffle
      • ProStart Golf Classic
      • Sand Valley Golf Raffle
    • Webinars
    • Food Protection Manager Certification
    • High School Culinary
  • ServSafe
    • ServSuccess
  • Foundation
    • ProStart
    • Scholarships
    • Get Involved >
      • Volunteer
    • Endowment Fund
    • Board of Directors
    • Donate
  • About
    • Our Team >
      • Staff
      • Board of Directors >
        • Proxy
        • Proxy Form
      • Careers
      • Job Board
    • Our Mission
    • Contact Us & Hours
    • Chapters
    • Awards >
      • Award Winners
    • Press Releases