The U.S. Small Business Administration has extended the deadline to apply for COVID-19 economic injury disaster loans through the end of 2021.
The recently passed coronavirus relief bill approved by Congress pushed back the deadline for the low-interest COVID-19 assistance loans more than a year, to Dec. 31, 2021, or for as long as funds are available. The emergency loans, aimed at helping small businesses that have suffered a loss of revenue from the coronavirus pandemic and related lockdowns, extend for a period of 30 years, with an interest rate of 3.75% for small businesses and 2.75% for nonprofits.
There's an automatic deferment of one year before monthly payments start.
Thus far, the SBA has approved more than $197 billion in the loans to give small businesses, nonprofits and farms working capital so they can survive the pandemic.
“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,” SBA Administrator Jovita Carranza said. “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.”
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