The U.S. Small Business Administration announced today that it will extend the deferment period for payments on existing loans for an additional six months under the COVID Economic Injury Disaster Loan (EIDL) program. With today’s deferment, EIDL borrowers will have a total of 30 months from inception on their approved loans. The deferment extension is effective for all COVID-EIDL loans approved in calendar years 2020, 2021 and 2022, the SBA said in a press release. 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. Partial or full payments may be made by borrowers during the deferment period, but are not required. “This extended principal and interest deferment will provide financial relief to millions of small business owners,” said Isabella Casillas Guzman, SBA administrator, “particularly those hardest-hit by the pandemic and related marketplace challenges – so they can continue to pivot, adapt, and grow.”