The U.S. Small Business Administration has announced that the deadline to apply for the Economic Injury Disaster Loan program for the COVID-19 pandemic disaster declaration is extended to Dec. 31, 2021. The deadline extension comes as a result of the recent bipartisan COVID-19 relief bill passed by Congress and enacted by President Trump on Dec. 27, 2020.
To date, the Small Business Administration has approved $197 billion in low-interest loans that provide working capital funds to small businesses, non-profits and agricultural businesses so they can make it through these challenging times.
“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. “The EIDL program has assisted millions of small businesses, including non-profit organizations, sole proprietors and independent contractors from a wide array of industries and business sectors to survive this very difficult economic environment.”
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 is encouraged to apply to get the resources they need.