Can My Economic Injury Disaster Loan (EIDL) & Emergency Advance For Coronavirus Relief Be Forgiven?

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If you got an EIDL between January 31, 2020, and April 3, 2020, and you apply for a forgivable Paycheck Protection Program Loan and then refinance your EIDL into the PPP, you can basically have your EIDL forgiven. Because you do have to repay the primary part of your EIDL, you’re most likely questioning what payment terms you might get. In addition, catastrophe loans in “regular maintenance” status on March 1, 2020, will have automatic deferments supplied through December 31, 2020, according to the SBA.

If you’ve asked for and received an emergency advance as part of the EIDL program, that cash can be forgiven. There are 2 parts to the EIDL program: the loan itself and an advance on the loan. If you received an EIDL in between January 31, 2020, and April 3, 2020, and you apply for a forgivable Paycheck Protection Program Loan and then refinance your EIDL into the PPP, you can essentially have your EIDL forgiven. Because you do have to repay the main part of your EIDL, you’re most likely wondering what repayment terms you might get. Furthermore, disaster loans in “routine maintenance” status on March 1, 2020, will have automatic deferments supplied through December 31, 2020, according to the SBA.

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