Cape and Plymouth Business article by Carol Dumas
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 to help them make it through this challenging time.
EIDL loan applications will continue to be accepted through December 2021, pending the availability of funds. Loans are offered at 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.
More information at sba.gov