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

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If you’ve asked for and received an emergency 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 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 portion of your EIDL, you’re probably wondering what payment terms you may receive. Additionally, disaster loans in “routine maintenance” status on March 1, 2020, will have automatic deferments provided through December 31, 2020, according to the SBA.

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 primary part of your EIDL, you’re most likely questioning what payment terms you might receive. Furthermore, catastrophe loans in “routine servicing” status on March 1, 2020, will have automated deferments supplied through December 31, 2020, according to the SBA.

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