The deadline to apply for the Economic Injury Disaster Loan (EIDL) program for the COVID-19 pandemic is now extended to Dec. 31, 2021.
The deadline extension comes as a result of the recent COVID-19 relief bill passed by Congress earlier this week.
EIDL applications will continue to be accepted through the end of 2021, pending the availability of funds, according to the U.S. Small Business Administration. Loans are offered at affordable terms, with 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.
So far, the SBA has approved $197 billion in low-interest loans which provides working capital funds to small businesses, nonprofits and agricultural businesses to make it through this challenging time.
SBA Administrator Jovita Carranza said the agency has approved over 3.6 million loans through the EIDL program nationwide.
“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,” Carranza said in a written statement.