Business / Economy

SBA extends COVID-19 Economic Injury Disaster Loan application deadline

Small businesses and nonprofits can now apply until December 2021.

Information provided by US Small Business Administration.

The U.S. Small Business Administration (SBA) has extended the deadline to apply for the Economic Injury Disaster Loan (EIDL) program to Dec. 31, 2021. A recent release noted that the SBA has approved $197 billion in low-interest loans which provides working capital funds to help small businesses, nonprofits and agricultural businesses make it during the pandemic.

EIDL loan applications will continue to be accepted through December 2021, pending the availability of funds. Loans are offered at with a 3.75% interest rate for small businesses and 2.75% interest rate for nonprofit organizations, a 30-year maturity, and an automatic deferment of one year before monthly payments begin. Eligible small businesses and nonprofits are encouraged to apply to get the resources they need.

BenitoLink Staff