WASHINGTON, D.C. — The U.S. Small Business Administration announced Wednesday it is extending the deadline to apply for the Economic Injury Disaster Loan program for coronavirus assistance by a year.
The new deadline to apply is Dec. 31, 2021, and is the result of the recent COVID-19 relief bill passed by Congress and enacted by President Donald Trump Dec. 27.
To date, the SBA has approved $197 billion in low-interest loans, which provide working capital funds to small businesses, nonprofit organizations and agricultural businesses, according to the administration.
“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 nonprofit organizations, sole proprietors and independent contractors, from a wide array of industries and business sectors, to survive this very difficult economic environment.”
The SBA says loan applications will continue to be accepted through December 2021, pending the availability of funds. Loans are offered at a 3.75% interest rate for small businesses and 2.75% interest rate for nonprofit organizations, with a 30-year maturity and an automatic deferment of one year before monthly payments begin.
More information, including eligibility and how to apply, is at the SBA website, sba.gov/funding-programs/disaster-assistance.