You may have heard that the U.S. Small Business Administration extended deferments for EIDL loan payments until 2022. While this is great news and comes as a huge relief for small business owners, here are some important things to note:
First, if you received the loan in 2020, your deferment has been automatically extended from 12 months to 24 months from the date of the note. If you received the loan in 2021, your deferment has been extended from 12 to 18 months.
Second, keep in mind that interest continues to accrue during this time (3.75% for small businesses and 2.75% for nonprofit organizations) so you may choose to make partial or full payments now.
For more information or to check the status of your loan, call the SBA Disaster Assistance Customer Service Center at 1-800-659-2955 or visit your online portal at https://covid19relief1.sba.gov/Account/Login. #bookkeeping #accounting #dentistry #dentalpractice #smallbusiness #finance #bookkeeper #accountant #dentaloffice