The deadline to apply for the federal Economic Injury Disaster Loan program for the COVID-19 Pandemic disaster declaration has been extended to Dec. 31, 2021.
To date, the Small Business Administration 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.
SBA South Dakota District Director Jaime Wood says this extension is great news for small business owners still experiencing financial hardship caused by the pandemic. She says since April 2020, the SBA has provided nearly 7,600 COVID-19 Emergency Injury Disaster Loans to South Dakota business owners which equates to roughly $464 million in economic relief.
EIDL loan applications will continue to be accepted through December 2021, pending the availability of funds. Loans are offered at 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. Every eligible small business and nonprofit are encouraged to apply to get the resources they need.
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.
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