Business owners who have received COVID-related economic injury disaster loans through the U.S. Small Business Administration now have more time before they need to begin repaying the loan.

The U.S. Small Business Administration said in a statement Tuesday that the deferment period on COVID-related EIDLs had been extended to 30 months from the date on the loan note. The new deferment period applies to loans approved in 2020, 2021 and 2022.

“The extended deferment period will provide additional flexibility to small business owners impacted by the pandemic, especially those in hard-hit sectors managing disruption with recent variants, as well as recent supply chain and inflation challenges amid a growing economic recovery,” the SBA said in the statement.

The COVID EIDL program has provided more than $351 billion in funding to 3.9 million borrowers, including to small businesses from historically underserved, disadvantaged communities, the statement said.

“Though our small business owners continue to power a historic economic recovery under the Biden-Harris Administration, we must continue to do everything in our power to meet our small businesses where they are with resources to ensure they can recover and thrive,” SBA Administrator Isabella Casillas Guzman said in the statement. “This extended principal and interest deferment will provide financial relief to millions of small business owners – particularly those hardest-hit by the pandemic and related marketplace challenges – so they can continue to pivot, adapt, and grow.”

Interest will continue to accrue on the loans during the deferment, and borrowers can make payments during the deferment period. Regular principal and interest payments will be required 30 months from the date of the note. The SBA in September had set the deferment period at 24 months from origination.

The EIDL program ended in 2021, but the SBA continued to process applications in 2022. The SBA also continues to process requests for increases and reconsiderations.