The Small Business Administration recently announced that they have extended the deadline to apply for the Economic Injury Disaster Loan (EIDL) program. The deadline is now December 31, 2021. This extension is a result of the recently passed and enacted bipartisan COVID-19 relief bill. The one change is that the EIDL Advance is not currently available as those funds have been fully allocated.
Otherwise, EIDL loan applications can be received through December 2021, pending the availability of funds.
Please note that the loans continue to be offered with favorable terms such as a 3.75% interest rate for small businesses and 2.75% interest rate for nonprofit organizations, a 30-year repayment with no pre-payment penalties or fees, and an automatic deferment of one year before monthly payments begin.
Every eligible business is encouraged to apply to get the assistance they need. You can apply online directly through the SBA website. For any questions or for additional information you are advised to contact the SBA Disaster Assistance Center directly at 800-659-2955 or by email at: firstname.lastname@example.org.
As we continue to navigate through these times of uncertainty and adapt, we here are at The Foresight Companies want to be your source for all topics related to your business operations.
Please visit our COVID-19 Business Operations Resource Center frequently for updates.
*Please note that as information is updated and modified, terms and conditions are subject to change.