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 got 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 primary part of your EIDL, you’re probably questioning what repayment terms you might receive. Additionally, disaster loans in “routine servicing” status on March 1, 2020, will have automated deferments provided through December 31, 2020, according to the SBA.

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