The U.S. Small Business Administration (SBA) has announced that the deadline to apply for the Economic Injury Disaster Loan (EIDL) program has been extended one year -- to Dec. 31, 2021 – pending the availability of funds.
EIDLs are offered at a 3.75% interest rate for small businesses and 2.75% interest rate for nonprofit organizations, a 30-year maturity, and an automatic deferment of one year before monthly payments begin. As we informed you before the holiday break, interest does accrue during the one-year deferment period.
If you’re a small businesses or nonprofit organization struggling as a result of the pandemic and are interested in an EIDL, we encourage you to apply before resources are exhausted.
We’re here to help.