I can’t believe it. Yesterday, the director of the Small Business Administration (SBA), Isabel Guzman, announced that the SBA will provide additional deferment of principal and interest payments for existing COVID EIDL borrowers. This brings the total deferment time to 30 months from inception.
I want to stress again to all borrowers that this is not free money, interest is still accruing during the deferment period and there are strict rules about what the money can be used for. So, if you don’t have a plan for that money that fits within the restrictions, I suggest you give it back.