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

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If you got 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 basically have your EIDL forgiven. Because you do have to repay the main portion of your EIDL, you’re most likely questioning what payment terms you may receive. Additionally, disaster loans in “routine servicing” status on March 1, 2020, will have automated deferments offered through December 31, 2020, according to the SBA.

If you’ve requested and received an emergency situation advance as part of the EIDL program, that money can be forgiven. There are two parts to the EIDL program: the loan itself and an advance on the loan. If you got an EIDL 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 basically 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. Additionally, disaster loans in “regular servicing” status on March 1, 2020, will have automatic deferments supplied through December 31, 2020, according to the SBA.

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