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Washington, DC – On Monday, the United States Small Business Administration announced that Economic Disaster Lending (EIDL) for the COVID-19 pandemic disaster declaration is extended until December 31, 2021. The extension is part of the recently passed COVID-19 relief. bill, which was enacted by President Trump on December 27, 2020.
So far, the SBA has approved $ 197 billion in low-interest loans to provide working capital for small businesses, nonprofits, and agribusiness.
“Following the President’s statement on the COVID-19 pandemic, the SBA has approved more than 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 2021, pending availability of funds. The loans are offered with an interest rate of 3.75% for small businesses and 2.75% for nonprofits, a 30-year maturity and an automatic deferral of one year before the start of the loan. monthly payments.
For more information or to apply, please Click here.
