COVID Relief: The Deadline to Apply for COVID-19 EIDL is December 31, 2021
The deadline for submitting COVID-19 Economic Injury Disaster Loan (EIDL) applications and for submitting Targeted EIDL Advance and Supplemental Targeted Advance applications through the U.S. Small Business Administration (SBA) is 11:59 PM ET on December 31, 2021. While the SBA will continue to review loan applications after December 31, applicants are encouraged to submit their COVID-19 EIDL loan applications as soon as possible.
As a reminder, COVID-19 Economic Injury Disaster Loan (EIDL) are available for small businesses and non-profits and may be used to pay debts, payroll, inventory, accounts payable, and other ordinary and necessary expenses. Loans have an interest rate of 3.75% for small businesses and 2.75% for non-profits, and a maximum term of 30 years. The SBA raised the loan limit for the COVID-19 EIDL program to 24-months of economic injury with a maximum loan amount of $2 million.
According to the SBA, COVID-19 EIDL borrowers can request increases up to their maximum eligible loan amount for up to two years after their loan origination date, or until the funds are exhausted, whichever is soonest. Furthermore, the SBA will accept and review reconsideration and appeal requests for COVID-19 EIDL applications if the reconsideration or appeal is received within 6 months from date of decline for reconsiderations and 30 days from date of reconsideration decline for appeals – unless funding is no longer available.
Check out the SBA's EIDL Frequently Asked Questions document and COVID EIDL Loan Program Overview Flyer for further detail. Furthermore, our Pace SBDC business advisors are happy to answer questions about COVID-19 EIDL and offer advice regarding your business' specific situation. Contact us to make a no-cost, one-on-one appointment with a business advisor.