The US Small Business Administration has announced that the deadline for applying for the Economic Disaster Loan (EIDL) program for COVID-19 pandemic disaster declaration is extended to December 31, 2021.
The extension of the deadline follows the recent bipartisan COVID-19 relief bill passed by Congress and enacted by President Trump on December 27, 2020.
To date, the SBA has approved $ 197 billion in low-interest loans that provide working capital to help small businesses, nonprofits, and farm businesses get through this difficult time. Here in Rhode Island, 10,599 EIDL loans have been approved for more than $ 563 billion.
âExpanding the opportunity for small businesses to take advantage of these EIDL loans is imperative to ensuring the survival of the small business community here in Rhode Island,â said SBA District Manager Mark S. Hayward. âUnfortunately, the financial hardships these businesses faced have not ended, so extending these benefits is a positive step in continuing to ensure that entrepreneurs have lifelines to support them as we move forward. . “
EIDL loan applications will continue to be accepted until December 2021, pending availability of funds. The loans are offered on very affordable terms, with an interest rate of 3.75% for small businesses and 2.75% for nonprofits, a term of 30 years and an automatic deferral of one year before the start of monthly payments. All qualifying small businesses and nonprofits are encouraged to apply to get the resources they need.
To apply for an EIDL loan, visit covid19relief.sba.gov or contact the district office by email at [email protected]