Small business owners: If you took a COVID-19 Economic Injury Disaster Loan (EIDL) for your business, you now have a May 16, 2022 deadline!

If your small business applied for a COVID-19 Economic Injury Disaster Loan (EIDL) in 2020 or 2021 (which may have been approved up through May 6, 2022), the portal with all of your application and repayment paperwork is closing permanently, effective May 16, 2022. For many businesses, they are still in initial months of their original repayment deferment, and this is not on the business’s radar.

What do you, as the owner of a small business that took an EIDL, need to do?

• Download all of your loan documents through the COVID-19 EIDL portal before May 16, 2022.
• Save these documents in a safe location, as this is your only opportunity to get copies.
• Set up an account on the Small Business Administration’s “Capital Access Financial System” (CAFS) so you can monitor your loan status going forward.

Resources:

• The EIDL websites
  • Managing your EIDL
  • About the EIDL
  • The EIDL pre-portal page and program summary
  • The EIDL portal where you can login to get your loan documents
• The CAFS website