Deadline for Businesses to Apply for SBA Loan Program Extended to December 31, 2021 | Business

The US Small Business Administration has announced that the deadline for applying for the Economic Disaster Loan Program (EIDL) for the COVID-19 pandemic disaster declaration has been 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 small businesses, nonprofits and farm businesses going through this difficult time, the chamber said. of Fontana’s trade in a press release.

“Following the President’s statement on the COVID-19 pandemic, the SBA has approved over 3.6 million loans under our nationwide economic disaster loan program,” he said. said administrator Jovita Carranza. “The EIDL program has helped millions of small businesses, including nonprofits, sole proprietors and independent entrepreneurs, from a wide range of industries and industries, to survive in this environment. very difficult economic.

EIDL loan applications will continue to be accepted until December, 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,” the Fontana Chamber said.

For more information about the EIDL program, call the House at (909) 822-4433.