The U.S. Small Business Administration extended the deadline to apply for a COVID-19 Economic Injury Disaster Loan to Dec. 31, 2021.
The extension comes as a result of the federal COVID-19 relief bill signed by President Donald Trump on Dec. 27.
To date, the SBA has approved $197 billion in low-interest loans, providing small businesses, non-profits and agricultural businesses with working capital to make it through the economic throes of the pandemic.
By October, New Jersey businesses had been approved for $7 billion in EIDL loans from the SBA to cover expenses such as the continuation of health care benefits, rent, utilities, and fixed debt payments.
“Following the President’s declaration of the COVID-19 pandemic, the SBA has approved over 3.6 million loans through our Economic Injury Disaster Loan program nationwide,” SBA Administrator Jovita Carranza said in a prepared statement. “The EIDL program has assisted millions of small businesses, including nonprofit organizations, sole proprietors and independent contractors, from a wide array of industries and business sectors, to survive this very difficult economic environment.”
EIDL loan applications will continue to be accepted through December 2021. Small businesses can get loans at a 3.75% interest rate and nonprofits can get them at a 2.75% interest rate. The 30-year loans include an automatic deferment of one year before monthly payments begin.
Small businesses and non-profits are encouraged to apply.