SBA extends COVID economic injury disaster loan application deadline

Published on January 11, 2021

The U.S. Small Business Administration extended the deadline to apply for the Economic Injury Disaster Loan program for the COVID-19 pandemic disaster declaration 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

To date, the SBA has approved $197 billion in low-interest loans, which provide working capital funds to small businesses, nonprofits and agricultural businesses.

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.