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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 has been 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 Pres. 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, nonprofits and agricultural businesses to 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 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. The SBA encouraged every eligible small business and nonprofit to participate in the program.