HONOLULU (KHON2) — The Small Business Administration (SBA) announced on Friday, March 12, that those who received disaster loans will not have to start making payments until 2022.

The SBA said, due dates for first installments on loans made in 2020 have been extended to 24 months instead of 12.

Payments on loans made in 2021 will begin 18 months from the time the note was issued, according to the SBA, and the extension applies to all disaster loans — including the COVID-19 Economic Injury Disaster Loan (EIDL) program.

“Small Businesses, private nonprofits and agricultural enterprises, including those self-employed individuals, contractors and gig workers, continue to navigate a very difficult economic environment due to the continued impacts of the Coronavirus COVID-19 pandemic, as well as historic Severe Winter Storms in 2020.

“The COVID-19 EIDL program has assisted over 3.7 million of small businesses, including non-profit organizations, sole proprietors and independent contractors, from a wide array of industries and business sectors, through this challenging time.”

Tami Perrilo, Small Business Administration administrator

Borrowers will still be able to make voluntary payments while on deferment and interest will continue to collect on the outstanding ballance.

Millions of disaster loans were made nationwide to small businesses, private nonprofits, self-employed individuals, contractors and gig workers.

Those with questions for the SBA can email DisasterCustomerService@sba.gov or call SBA’s Customer Service Center at 1-800-659-2955.