COVID-19 Economic Injury Disaster Loans Increase Lending Limits
The U.S. Small Business Administration announced that the deadline to apply for the Economic Injury Disaster Loan program for the COVID-19 pandemic disaster declaration has been extended to Dec. 31, 2021.
If you are a small business, nonprofit organization of any size, or a U.S. agricultural business with 500 or fewer employees that have suffered substantial economic injury as a result of the Coronavirus pandemic, you can apply for the COVID-19 EIDL.
EIDL loan applications will continue to be accepted through December 2021 pending the availability of funds. Loans are offered at a 3.75 percent interest rate for small businesses and a 2.75 percent interest rate for nonprofit organizations, with a 30-year maturity and an automatic deferment of one year before monthly payments begin.
For loans approved starting the week of April 6, 2021: 24-months of economic injury with a maximum loan amount of $500,000.
Eligible small businesses and nonprofits can apply for the program at https://www.sba.gov/funding-programs/loans/covid-19-relief-options/covid-19-economic-injury-disaster-loan .