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

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If you’ve requested and received an emergency situation 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 use for a forgivable Paycheck Protection Program Loan and then re-finance your EIDL into the PPP, you can essentially have your EIDL forgiven. Because you do have to pay back the primary part of your EIDL, you’re most likely questioning what repayment terms you might get. Furthermore, catastrophe loans in “routine servicing” status on March 1, 2020, will have automated deferments offered through December 31, 2020, according to the SBA.

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 re-finance your EIDL into the PPP, you can basically have your EIDL forgiven. Because you do have to repay the primary portion of your EIDL, you’re probably questioning what payment terms you may receive. Furthermore, catastrophe loans in “routine servicing” status on March 1, 2020, will have automatic deferments supplied through December 31, 2020, according to the SBA.

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