COVID-19 Economic Injury Disaster Loan Application Deadline Extended
The deadline to apply for the Economic Injury Disaster Loan program for the COVID-19 Pandemic disaster declaration has been extended to Dec. 31, 2021, announced the U.S. Small Business Administration.
The deadline extension comes as a result of the recent bipartisan COVID-19 relief bill passed by Congress and enacted by President Trump Dec. 27.
To date, the SBA has approved $197 billion in low-interest loans which provides working capital funds to small businesses, non-profits and agricultural businesses make it through this challenging time.
“Following the President’s declaration of the COVID-19 Pandemic, the SBA has approved over 3.6 million loans through our Economic Injury Disaster Loan program nationwide,” administrator Jovita Carranza said. EIDL loan applications will continue to be accepted through December 2021, pending the availability of funds. Loans are offered at very affordable terms, with a 3.75 percent interest rate for small businesses and 2.75 percent interest rate for nonprofit organizations, a 30-year maturity, and an automatic deferment of one year before monthly payments begin. Every eligible small business and nonprofit are encouraged to apply to get the resources they need.
