NEWS

SBA extends COVID-19 Economic Injury Disaster Loan application deadline through end of 2021

Posted 4/8/21

The U.S. Small Business Administration has 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

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NEWS

SBA extends COVID-19 Economic Injury Disaster Loan application deadline through end of 2021

Posted

The U.S. Small Business Administration has 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 provide working capital funds to help small businesses, nonprofits and agricultural businesses make it through this challenging time. Here in Rhode Island, 10,599 EIDL loans were approved for over $563 billion.

“Extending the opportunity for small businesses to leverage these EIDL loans is imperative to ensuring the survival of the small business community here in Rhode Island,” said SBA District Director Mark S. Hayward. “Unfortunately, the financial difficulties these businesses have faced have not ended, so the extension of these benefits is a positive step in continuing to ensure entrepreneurs have lifelines available to support them as we move forward.”

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 percent interest rate for small businesses and 2.75 percent 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.

To apply for an EIDL loan, visit www.covid19relief.sba.gov or contact the District Office by email at RhodeIsland_DO@sba.gov.

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