SBA extends application deadline for economic disaster loan

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(WTVF) – The US Small Business Administration has announced that it is extending the deadline for applying for the Economic Injury Disaster Loan program to December 31, 2021.

The program was launched to help small businesses, nonprofits, and agricultural businesses during the COVID-19 pandemic. The SBA said the deadline was extended after President Donald Trump signed the COVID-19 relief bill on Dec. 27.

EIDL loan applications will continue to be accepted through December 2021 as long as funds are available.

The SBA said that loans are offered at 3.75% for small businesses and 2.75% for nonprofits, with a 30-year term, and an automatic deferral of one year before monthly payments begin.

Please visit SBA.gov for more information.

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