Small Business Administration extends deferral period for EIDL loans

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FRESNO COUNTY, Calif. (KGPE) – The Small Business Administration has announced a six-month deferral on existing COVID-19-related economic disaster loans.

The SBA says the extension will help provide additional flexibility for small business owners impacted by the pandemic, especially those still dealing with disruptions with recent variants.

The extension also aims to help business owners who have struggled with recent supply chain and inflation challenges amid growing economic recovery.

As the country crosses the two-year milestone of the pandemic, SBA economic development specialist Victor Bribiesca says new small businesses are opening at a rate about 30% higher than before the COVID-related shutdowns in the country. statewide.

“The recovery has spurred a surge in entrepreneurship, and Americans are applying to start new businesses at a record pace,” Bribiesca explained.

However, Bribiesca says there are still several hurdles small business owners still face as they continue to recover from the pandemic.

“Right now one of the biggest hurdles is inflation, of course, rising costs, so the SBA ensures fairer access to affordable capital,” Bribiesca said.

Bribiesca says the SBA plans to relaunch its LenderMatch service, which helps connect small business owners with lenders.

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