published on December 31, 2020 - 2:20 PM
Written by The Business Journal Staff

Some good news for business owners sprang up at the very end of an economically stressful year.

The U.S. Small Business Administration (SBA) announced on Dec. 30 that the deadline to apply for the Economic Injury Disaster Loan (EIDL) program has been extended to Dec. 31, 2021.

The extension for the deadline comes as a result of the bipartisan Covid-19 relief bill passed by Congress and enacted by Pres. Trump on December 27.

The SBA has approved $197 billion in low-interest loans to businesses to provide working capital funds to small businesses, non-profits and agricultural businesses to make it through the economic fallout caused by the Covid-19 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,” said Jovita Carranza, administrator for the SBA. “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.”

EIDL loan applications will be accepted through December 2021 depending on the availability of funds.

The loans are offered with affordable terms — a 3.75% interest rate for small businesses and 2.75% interest rate for nonprofit organizations, a 30-year maturity and an automatic deferment for one year before monthly payments commence.

For more information and to apply, visit the SBA website.

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