The Small Business Administration (SBA) has extended their deadline to apply for a COVID-19 pandemic Economic Injury Disaster Loan to December 31, 2021.
SBA loans terms include a 3.75% interest rate for small businesses and 2.75% for non-profit organizations, a 30-year maturity, and an automatic deferment of one year before monthly payments begin.
Note: Economic Injury Disaster Loan applications will continue to be accepted through December 2021, pending the availability of funds.
Basic Loan Information
Purpose. To meet financial obligations and operating expenses that could have been met had the disaster not occurred
- 3.75% for businesses (fixed)
- 2.75% for nonprofits (fixed)
- 30 years
- No pre-payment penalty or fees
- Deferred payments for one year; interest still accrues
Approved Use. Working capital & normal operating expenses such as continuation of health care benefits, rent, utilities, fixed debt payments.
Collateral. Required for loans over $25,000.
For more information visit https://www.sba.gov/funding-programs