SBA Extends COVID-19 Economic Injury Disaster Loan Application Deadline through Dec. 31, 2021 (Release Number 20-93)
Summary
An SBA news release, Release Number 20-93, dated Dec. 30, 2020, announcing that the deadline to apply for the Economic Injury Disaster Loan (EIDL) program under the COVID-19 Pandemic disaster declaration is extended to Dec. 31, 2021, after the COVID-19 relief bill enacted on Dec. 27, 2020. Administrator Jovita Carranza says the SBA has approved over 3.6 million loans and $197 billion in low-interest loans for working capital. Loans carry a 3.75% interest rate for small businesses and 2.75% for nonprofit organizations, a 30-year maturity and an automatic deferment of one year before monthly payments begin.
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NEWS RELEASE
PRESS OFFICE
Release Date: Dec. 30, 2020 Contact: Press_Office@sba.gov (202) 205-8520
Release Number: 20-93 Follow us on Twitter, Facebook, Blogs & Instagram
SBA Extends COVID-19 Economic Injury Disaster Loan Application
Deadline through Dec. 31, 2021
WASHINGTON— The U.S. Small Business Administration today announced that the deadline
to apply for the Economic Injury Disaster Loan (EIDL) program for the COVID-19 Pandemic
disaster declaration is extended to Dec. 31, 2021. The deadline extension comes as a result
of the recent bipartisan COVID-19 relief bill passed by Congress and enacted by President
Trump on Dec. 27, 2020.
To date, the SBA has approved $197 billion in low-interest loans which provides working
capital funds to small businesses, non-profits and agricultural businesses make it through
this challenging time.
“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,”
Administrator Jovita Carranza said. “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 continue to be accepted through December 2021, pending the
availability of funds. Loans are offered at very affordable terms, with 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. Every eligible small
business and nonprofit are encouraged to apply to get the resources they need.
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About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a
reality. As the only go-to resource and voice for small businesses backed by the strength of
the federal government, the SBA empowers entrepreneurs and small business owners with
the resources and support they need to start, grow or expand their businesses, or recover
from a declared disaster. It delivers services through an extensive network of SBA field offices
and partnerships with public and private organizations. To learn more, visit www.sba.gov.
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