Updated Deadline for Economic Injury Disaster Loan Applications
SBA announced the deadline to apply for a COVID-19 pandemic Economic Injury Disaster Loan (EIDL) was extended to December 31, 2021.
To date, SBA has approved $197 billion in low-interest loans, which provide U.S. small businesses, non-profits and agricultural businesses working capital funds. EIDL applications will continue to be accepted through December 2021, pending the availability of funds.
Loans are offered at affordable terms, including a 3.75% interest rate for small businesses and 2.75% for non-profit organizations, a 30-year maturity and an automatic deferment of one year before monthly payments begin. All eligible small businesses and nonprofits are encouraged to apply.