SBA Extends Application Deadline for COVID-19 Economic Recovery Loans

SBA Extends Application Deadline for COVID-19 Economic Recovery Loans

The Small Business Administration has allowed business owners and nonprofit organizations to submit applications for low-interest loans until Dec. 31 to help them manage financial challenges brought on by the coronavirus pandemic.

SBA said Thursday the deadline extension for Economic Injury Disaster Loan applications followed the enactment of bipartisan legislation that allocates $900B for COVID-19 relief efforts.

COVID-19 EIDLs can be used for normal operating expenses, such as the continuation of health care benefits and fixed debt payments, and for working capital to assist smaller companies, private nonprofits and homeowners in disaster recovery efforts.

"Following the President’s declaration of the COVID-19 pandemic, the SBA has approved over 3.6M loans through our Economic Injury Disaster Loan program nationwide,” said SBA Administrator Jovita Carranza.

The agency has recorded $197B in approved low-interest loans for several disaster events to date.

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