Please ensure Javascript is enabled for purposes of website accessibility

Loan program application deadline extended to Dec. 31

Staff Report //January 5, 2021//

Loan program application deadline extended to Dec. 31

Staff Report //January 5, 2021//

Listen to this article

The deadline to apply for the Economic Injury Disaster Loan program for the COVID-19 pandemic disaster declaration has been extended to Dec. 31.

The extension is part of the federal coronavirus relief bill passed on Dec. 27.

To date, the U.S. Small Business Administration has approved $197 billion in low-interest loans to small businesses, nonprofits and agricultural businesses, according to a news release.

“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 the 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.”

EIDL loan applications will be accepted through December pending the availability of funds, according to the release. Loans offer a 3.75% interest rate for small businesses and 2.75% interest rate for nonprofits, a 30-year maturity, and an automatic one-year deferment before monthly payments begin.