Apply Before New Year: $100 Billion in SBA EIDL Loans Still Available
Looking for some extra holiday cheer for your business? Consider applying for a Small Business Administration Economic Injury Disaster Loan (EIDL), which reportedly still has $100 billion available. The only catch is that applications are due by December 31, 2021.
“The COVID-19 EIDL and EIDL Advance programs still have billions of dollars available to help small businesses hard hit by the pandemic. More than 3.8 million businesses employing more than 20 million people have found financial relief through SBA’s loans,” Associate Administrator for SBA’s Office of Capital Access Patrick Kelley said. “Key enhancements have been made to the loan program that will help our nation’s businesses recover and get back on track.”
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To receive up to a $2 million loan, businesses must have fewer than 500 employees and prove damages resulting from COVID-19. Business owners are eligible for EIDL even if they received funds through the Paycheck Protection Program, the Restaurant Revitalization Fund or the Shuttered Venue Operators Grant. Small businesses, nonprofits, and agricultural businesses in all U.S. states and territories can apply.
The terms of the loan are especially favorable for small business owners, including:
- A 3.75% for for-profit companies and 2.75% for nonprofits;
- A maturity period of 30 years;
- Deferment of repayment for two years after approval.
Additionally, if funding is still available:
- Denied applicants may appeal for up to six months after the date of decline;
- Borrowers may request increases up to their maximum eligible loan amount for up to two years after their loan origination date.
Visit the SBA’s EIDL website to learn more about eligibility and application requirements.
The last day that applications may be received is December 31, 2021. All applicants should file their applications as soon as possible to allow for processing.
Small business owners may call SBA’s Customer Service Center 1-833-853-5638 (855-440-4960 for the deaf and hard-of-hearing) or email DisasterCustomerService@sba.gov for additional assistance. The center is open Monday through Friday from 8 a.m. to 8 p.m. EST. Multilingual representatives are available.