The US Small Business Administration (SBA) extended the deadline to apply for the Economic Injury Disaster Loan (EIDL) program for the COVID-19 pandemic disaster declaration through December 31, pending the availability of funds.
The SBA has approved $197 billion in low-interest loans to provide working capital funds to small businesses, nonprofits, and agricultural businesses. Loans are offered at 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.
