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

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If you’ve requested and gotten an emergency situation advance as part of the EIDL program, that money 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 between January 31, 2020, and April 3, 2020, and you use 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 pay back the main portion of your EIDL, you’re probably questioning what payment terms you may receive. In addition, catastrophe loans in “routine maintenance” status on March 1, 2020, will have automatic deferments offered through December 31, 2020, according to the SBA.

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