COVID-19 Relief: Loan Payments and Grants Update

Borrowers of COVID-19 relief loans and recipients of COVID-19 relief grants should be aware of the following information:

Economic Injury Disaster Loan

The COVID-19 Economic Injury Disaster Loan, or EIDL, is a loan program introduced in March 2020 that provided eligible small businesses with funding to support their working capital needs during the pandemic. The EIDL has a 30-year maturity, and the loan must be repaid.

To further support working capital concerns, principal and interest payments for EIDLs were deferred up to thirty months from the date of the note, although interest accrued during the deferral period.

For some borrowers, the deferral period is coming to an end meaning that loan payments are due soon. Borrowers who are unsure when to pay can obtain their account balances, interest amounts, and payment due dates by visiting the SBA Capital Access Financial System (CAFS) here. Borrowers with no CAFS account can refer to instructions to create an account at CAFS_Borrower.pdf ( Nonprofit borrowers are encouraged to call their loan’s Servicing Center to access their CAFS account.

Borrowers can make loan payments via the following methods:

  • Submit payment using, as an SBA Form 1201 Borrower Payment using a bank account (ACH), PayPal account, or debit card. This is the preferred payment method.
  • Submit payment via your personal banking account by adding the US Small Business Association as a payee. Make sure to enter your 10-digit loan number (NOT application number) as the account number. The following information can be used if needed:
    • Address: P.O. Box 3918, Portland, OR 97208-3918
    • Telephone Number: Use the number on the front of your statement.
  • Mail your payment to the U.S. Small Business Administration, P.O. Box 3918, Portland, OR 97208-3918. Include your 10-digit loan number (NOT application number) on the memo field of your check or money order. Make sure to include your business’s name, the borrower’s name, the borrower’s address, account number, tax ID/EIN or social security number, and 10-digit SBA loan number with your check.

Pursuant to program guidelines, SBA has filed liens against business assets for all loans greater than $25,000. Businesses with outstanding loans who want to sell assets, including equipment, must contact the SBA to release the lien. Borrowers may need to provide additional payments to SBA to reduce the loan balance for the lien to be released. Borrowers are encouraged to contact the SBA as far in advance as possible of any potential sale, by contacting their local SBA servicing center.

Paycheck Protection Program

Borrowers with a Paycheck Protection Program (PPP) loan authorized in 2021 through the Consolidated Appropriations Act or Paycheck Protection Program Extension Act who have not applied for loan forgiveness should consider doing so. Borrowers have ten months from the end of their twenty-four week Covered Period to submit their loan forgiveness application to their lender. If forgiveness applications are not submitted, borrowers will be required to make principal and interest payments on their PPP loan.

Borrowers with loans of $150,000 or less may also use the SBA PPP Direct Forgiveness Portal if their bank has opted into its use. The portal can be accessed at For questions on whether to use this portal or how to access the lenders’ forgiveness portal, borrowers should contact their PPP lender.

Grant Programs

Some grant programs, including the Shuttered Venue Operators Grant (SVOG), Coronavirus Economic Relief for Transportation Services (DOT), or Restaurant Revitalization Fund (RRF) have certain requirements, including reporting obligations that the recipient must complete. All grant recipients should review their grants’ program guidelines carefully and ensure they complete any obligations timely. Failure to meet requirements may result in the issuing organization revoking grant funds.

For questions regarding your COVID-19 relief, please contact your HBK Advisor.

About the Author(s)

Amy Reynallt is a Senior Manager with the HBK Manufacturing Solutions Group in the Youngstown, Ohio office of HBK CPAs & Consultants. She is experienced in navigating the strategic and financial matters associated with manufacturing and works closely with manufacturers to help them plan, execute, and meet their short- and long-term financial goals. Amy can be reached at 330-758-8613 or by email at

Hill, Barth & King LLC has prepared this material for informational purposes only. Any tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or under any state or local tax law or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. Please do not hesitate to contact us if you have any questions regarding the matter.