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SBA extends application deadline for COVID-19 economic disaster loan

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Posted at 1:29 PM, Jan 05, 2021
and last updated 2021-01-05 14:29:53-05

(WTVF)  — The U.S. Small Business Administration has announced that it’s extending the deadline to apply for the Economic Injury Disaster Loan program to Dec. 31, 2021.

The program was created to help small businesses, non-profits and agricultural businesses during the COVID-19 pandemic. The SBA said the deadline was extended after President Donald Trump signed the COVID-19 relief bill on Dec. 27.

EIDL loan applications will continue to be accepted through December 2021, pending the availability of funds.

The SBA said loans are being offered at 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.

For more information, visit SBA.gov.