The deadline to apply for the Economic Injury Disaster Loan (EIDL) program for the COVID-19 Pandemic disaster declaration has been extended through the end of the new year, to December 31st, 2021, so long as appropriated program funding remains.
The program provides low-interest loans, which provide working capital funds to small businesses, nonprofits and agricultural businesses aimed at meeting shortfalls created by the pandemic. Eligible entities include:
- Small business owners
- Agricultural businesses with 500 or fewer employees
- Agricultural businesses include those businesses engaged in the production of food and fiber, ranching, and raising of livestock, aquaculture, and all other farming and agricultural related industries (as defined by section 18(b) of the Small Business Act (15 U.S.C. 647(b)).
EIDL loans are offered at 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. EIDL loans are not forgivable.