US Small Business Administration extends COVID-19 Economic Injury Disaster loans through 2021

Posted at 1:53 PM, Dec 31, 2020

WASHINGTON — The U.S. Small Business Administration extended on Thursday its deadline to apply for the Economic Injury Disaster Loan program until the end of 2021.

The deadline extension for the COVID-19 pandemic disaster declaration comes as a result of the relief bill passed by Congress and signed by President Donald Trump on Dec. 27.

SBA has approved $197 billion to date in low-interest loans that provide capital funds to small businesses, non-profits and agricultural businesses to help them make it through the pandemic, a news release said.

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“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. “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.”

Applications will continue to be accepted through Dec. 31, 2021 pending the availability of funds.

Loans are offered at a 3.75% interest rate for small businesses and 2.75% interest rate for non-profits, a 30-year maturity and an automatic deferment of one year before monthly payments begin.

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