The U.S. Small Business Administration (SBA) has extended the application period for economic injury disaster loans (EIDL) for the COVID-19 pandemic to Dec. 31, 2021. The extension is a result of the recently-passed bipartisan COVID-19 relief bill.
“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 in a release.
“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.”
SBA has already approved $197 billion in low-interest loans to provide working capital funds to small businesses, non-profits, and agricultural businesses. EIDL loan applications will be accepted through the end of 2021, pending the availability of funds. According to the release, the loans are offered with a 3.75 percent interest rate for small businesses and 2.75 percent for nonprofit organizations, a 30-year maturity, and an automatic one-year deferment before monthly payments begin.
“Every eligible small business and nonprofit are encouraged to apply to get the resources they need,” the SBA stated.