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SBA Extends Deferment Period For All COVID-19 EIDL, Other Disaster Loans Until 2022

WASHINGTON, D.C. – The U.S. Small Business Administration announced extended deferment periods for all disaster loans, including the COVID-19 Economic Injury Disaster Loan (EIDL) program, until 2022. All SBA disaster loans made in calendar year 2020, including COVID-19 EIDL, will have a first payment due date extended from 12-months to 24-months from the date of the note. All SBA disaster loans made in calendar year 2021, including COVID-19 EIDL, will have a first payment due date extended from 12-months to 18-months from the date of the note. Existing SBA disaster loans approved prior to 2020 in regular servicing status as of March 1, 2020, received an automatic deferment of principal and interest payments through December 31, 2020. This initial deferment period was subsequently extended through March 31, 2021. An additional 12-month deferment of principal and interest payments will be automatically granted to these borrowers. Borrowers will resume their regular payment sch

North Tonawanda Man Indicted for COVID-19 Fraud

North Tonawanda Man Indicted for COVID-19 Fraud A Federal Grand Jury has indicted a man on multiple charges, including fraud related to funds to help those impacted by the COVID-19 pandemic. It s being reported by WKBW that Michael Kornaker of North Tonawanda is facing charges of wire fraud and identity theft. According to the criminal indictment, the 50-year-old North Tonawanda man illegally applied for a $60,000 Economic Injury Disaster Loan through the Federal Small Business Administration last summer using the name and personal information that belonged to another person. In addition to that, it s alleged that Mr. Kornaker used that same person s information to apply for an American Express credit card.

Sen Schumer in Buffalo to discuss American Rescue Plan for Western New York

Sen Schumer in Buffalo to discuss American Rescue Plan for Western New York
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What to do if you re billed for an SBA EIDL loan you don t owe

What to do if you’re billed for an SBA EIDL loan you don’t owe Written by Rosario Méndez Attorney, Division of Consumer and Business Education, FTC Prev Next Did you get a bill for a Small Business Administration (SBA) loan, but you didn’t apply for one? It’s likely that an identity thief applied for the loan using your personal or business information. The SBA has new guidance about reporting the fraud, and the FTC has tips to help you clear up any credit problems it may cause.   The SBA’s Office of Disaster Assistance has been issuing the loans under its COVID-19 Economic Injury Disaster Loan (EIDL) program. They’re designed to give financial help to small businesses and non-profit organizations. Criminals have taken advantage of the program by using stolen information to get loans in someone else’s name, or in the name of that person’s company. And now, the bills are landing in the mailboxes of people and businesses that never applied.

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