The SBA EIDL loan application deadline is Friday

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The US Small Business Administration is accepting applications for its COVID-19 Economic Disaster Lending Program until Friday, December 31.

This loan program became available in response to COVID-19 for owners of small businesses, including farm businesses and nonprofits.

The agency will continue to process applications after the deadline, including reviews and appeals, until it runs out of funds. This means six months from the denial date for reviews and 30 days from the denial date for reconsideration appeals – unless funding is no longer available. However, it will not accept new applications after the December 31 deadline.

For loans of $ 25,000 or less, there is no charge for those applying directly through the SBA.

For loans over $ 25,000, a one-time fee of $ 100 is charged for filing a lien on the borrower’s business assets, plus the fee for filing a lien on real estate, if applicable.

For loans over $ 500,000 for which the SBA takes real estate as collateral, a one-time fee of $ 100 is charged for filing a lien on the borrower’s business assets. In addition, the borrower will be responsible for registering the lien on real estate and paying the associated fees.

The application is available here.

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