The Small Business Administration (SBA) this week announced that it was extending the deferment period for COVID-19 Economic Injury Disaster Loan (EIDL) borrowers to 30 months from the time when the loan was first approved. The EIDL program provided nearly four million small businesses with more than $350 billion in emergency funding during the COVID emergency. EIDL loans were eligible to be used to pay fixed debts and payroll costs as well as other expenses and bills during the pandemic. The program ended December 31, 2021 but while some EIDL loans had deferment periods of either 18 or 24 months, the SBA-announced extension on loan repayments applies to all EIDL loans approved since 2020. EIDL borrowers will still have to pay interest of around 3 percent on the loans, and they can choose to make full or partial payments during the deferment period, but neither is required.