Press Release

March 15, 2022
Cardin on EIDL Deferment Extension: “This is Welcome Relief for American Small Businesses.”

WASHINGTON – U.S. Senate Committee on Small Business & Entrepreneurship Chair Ben Cardin (D-Md.) today lauded the U.S. Small Business Administration’s (SBA’s) announcement that the deferment period on all COVID Economic Injury Disaster Loan has been extended to 30 months for all borrowers. The extension applies to loans issued in calendar years 2020, 2021, and 2022, some of which had an 18-month deferment period, while the remainder had a 24-month deferment period.

On March 9, 2022, Cardin, Senators Raphael Warnock (D-Ga.), Mark Kelly (D-Ariz.) and Catherine Cortez Masto (D-Nev.), and 12 of their colleagues sent a letter to SBA Administrator Isabella Casillas Guzman urging the agency to extend the deferment period.

“This is welcome relief for American small businesses,” Senator Cardin said. “Washington cannot mistake our signs of recovery for proof that small businesses have recovered from the pandemic. Millions of small businesses, especially restaurants, bars, and other hard-hit sectors, are being sandwiched between past due bills and increasing supply and labor costs.

“I applaud the SBA for this extension, which will provide small businesses with additional flexibility to keep their doors open and make it through the pandemic.”

Since its inception, the COVID EIDL program, a federal disaster relief loan, has allocated more than $351 billion in relief aid to 3.9 million borrowers, including to the smallest of small businesses from historically underserved, disadvantaged communities. 

Key information regarding deferment: 

  • This deferment extension is effective for all COVID-EIDL loans approved in calendar years 2020, 2021, and 2022. Loans now have a total deferment of 30 months from the date of the note. Interest will continue to accrue on the loans during the deferment. 
  • Borrowers may make partial or full payments during the deferment period but are not required to. The SBA recommends using
  • The SBA will not send monthly SBA Form 1201 payment notices; however, the SBA will send regular payment reminders via email. 
  • Existing COVID EIDL borrowers can find account balances and payment due dates in the SBA Capital Access Financial System (CAFS) and learn how to set up an account in the CAFS system by logging in at Capital Access Financial System (  
  • Deferments may result in balloon payments. The deferment will not stop any established Preauthorized Debit (PAD) or recurring payments on the loan. COVID-EIDL borrowers with an SBA established PAD must contact their SBA servicing center to stop recurring payments during the extended deferment period. COVID-EIDL borrowers who have established a PAD through Pay.Gov or any other bill pay service are responsible for terminating recurring payments during the extended deferment period. 
  • After the deferment period ends, COVID-EIDL borrowers will be required to make regular principal and interest payments beginning 30 months from the date of the note.